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Otis reaches agreement to fully acquire Spanish elevator parts manufacturer

Otis Worldwide Corp., the Farmington-based elevator manufacturer, announced this week it has finalized an agreement to purchase Madrid-based Zardoya Otis, a company it already had a partial stake in.

Otis announced Tuesday that its subsidiary, Opal Spanish Holdings, reached an agreement to fully purchase Zardoya Otis in a deal valued at 3.39 billion euros.

The deal, which is still subject to Spanish Securities Exchange Commission approval, is expected to close in the second quarter of 2022. ....

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