United Technologies Corp. said Wednesday that it will appeal the European Commission’s fines against its Otis Elevator subsidiary.
Otis, along with ThyssenKrupp, KONE, Schindler and Mitsubishi Elevator Europe, was part of a $1.3 billion fine for lifts and escalators cartels in Belgium, Germany, Luxembourg and the Netherlands.
Otis had received some immunity from fines by aiding the Commission’s investigation and was fined $295.3 million.
“We are disappointed by the conduct revealed through the Commission’s and UTC’s own investigations,” said Chairman and CEO George David. “UTC will not tolerate unethical behaviors of any kind. The nine local Otis employees who violated our Code of Ethics and regulatory compliance programs were quickly identified and dismissed and we have reinvigorated our ethics and compliance programs worldwide.”
