The new joint venture, which will retain the name Otis Bermuda, will be established March 1. BAS will be the majority partner, controlling 80.1 percent of the company.

“We look forward to having a successful partnership with BAS, and are confident that this new partnership will help Otis Bermuda broaden its presence in the market,” said Todd Bluedorn, president of Otis North and South America Area. “We would also like to thank our previous partner, Pearman Watlington, for many years of successful collaboration.”

BAS president Eugene Bean stated “BAS is extremely proud to be associated with this great company and the Otis products.”

Otis Elevator Company is the world's largest manufacturer and maintainer of people-moving products including elevators, escalators and moving walkways. With headquarters in Farmington, Connecticut, Otis employs 60,000 people worldwide, offers products and services in more than 200 countries and territories, and maintains 1.5 million elevators and escalators worldwide. United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries’.

Bermuda Aviation Services Ltd. (BAS) is a Bermudian owned and based company incorporated in 1947. Initially, the Company was authorized to supply a full range of aviation related services to the Bermuda International Airport.

Today, BAS employs over 300 people and has grown into a small conglomerate of diversified companies. Having acquired a bakery (Crow Lane Bakery Ltd.) and forming a joint venture outsourcing company in 1997 (BAS-Serco); BAS then acquired a wholesale company in 1999 (DE Mortimer & Co. which it divested itself of in 2004); a car parts distributor in 2002 (Weir Enterprises Ltd.) and amalgamated a courier air freight company in 2004 (International Bonded Couriers Ltd.). Its wholly owned subsidiary, Aircraft Services Bermuda Ltd. (ASB) (incorporated 1969) continues to provide ramp and cargo services to the major air carriers, private and military aircraft and charters that serve Bermuda.