On March 28, 2014, CIC closed a joint venture agreement with a subsidiary of United Technologies Corporation (UTC)
to acquire majority stake in Otis E&M Company Philippines, Inc. (OTIS) through its subsidiary CCAC. CCAC acquired
85% stake in COPI resulting in CIC effectively owning 51% of Otis.
CIC, through its Building and Industrial Solutions (BIS) group, is moving towards a worldwide trend into end-to-end
building solutions and partnering with Otis as one of the leading providers of elevators and escalators in the
country is an advancement towards the strategy.
Otis Elevator Company started its business in the Philippines in 1935 and it was the first elevator company in the
country. COPI’s primary business is to import, buy and sell at wholesale, distribute, maintain and repair,
elevators, escalators, moving walkways, shuttle systems and all supplies, materials, tools, machinery and parts
or component thereof.
Post-acquisition, the company was renamed Concepcion-Otis Philippines, Inc.