BENEFO and Otis Establish New Joint Venture in TEDA

On July 28, Tianjin BENEFO Machinery Equipment Group Co., Ltd. and Otis Worldwide Corporation held a signing ceremony in Tianjin for a new joint venture agreement. The newly established joint venture will be located in the Tianjin Economic-Technological Development Area (TEDA).

The joint venture, expected to be officially registered in September, is controlled by BENEFO, and it focuses on the modernization, renovation, and lifecycle services of aging elevators. Following its establishment, the company will prioritize innovation in service processes and management systems, with the goal of developing a replicable, promotable, and Tianjin-specific model for end-to-end elevator modernization solutions. Looking ahead, the joint venture will take Tianjin as its base and actively expand into markets nationwide.

Otis Worldwide Corporation, founded in 1853 and headquartered in Connecticut, USA, is the world’s largest manufacturer, installer, and service provider of elevators and escalators. As one of the earliest foreign enterprises entering China, Otis has maintained a strong partnership with Tianjin and has continuously increased its investment in the region. Otis has upgraded Otis Elevator (China) Investment Co., Ltd., located in TEDA, to its China Investment Headquarters, followed by the establishment of its Northern R&D Center in TEDA in October 2023. Today, the TEDA-based Otis manufacturing site has grown into the company’s largest elevator production base worldwide, the only global production base for high-speed elevators, and a key global manufacturing site for traction machines—the core components of elevators.

Judy Marks, Chair, CEO, and President of Otis Worldwide Corporation, stated that Tianjin plays a vital role as a global R&D and manufacturing hub for Otis. She emphasized that the company will continue to deepen cooperation with the city in industrial innovation, urban development, and other fields, to help Tianjin achieve high-quality development and create a high-quality life.