Concepcion Industrial, United Technologies to buy major equity stake in Otis E&M 

Concepcion Industrial Corp. (CIC) intends to buy a majority stake in elevator maker Otis E&M Co. Philippines Inc., using a joint venture for that purpose, the appliance maker said Thursday. 

The joint venture between United Technologies Corp. and Concepcion Air Carrier Conditioning Co. to close the deal with Otis E&M was approved by the board of Concepcion Industrial.

Concepcion Air is a joint between Concepcion Industrial and Carrier Air Conditioning Philippines Inc.

"The acquisition will strengthen CIC's Building and Industrial Solutions segment creating added synergies and a new strategic growth platform aligned with a global brand and building solution trends," Concepcion Industrial said in a disclosure to the Philippine Stock Exchange.

A final agreement between Concepcion Air and UTC-Asia Pte. Ltd. on the and conditions of the transaction would still have to be worked out, CIC noted.

In a separate development, the board of Concepcion Industrial approved a P0.59 per share cash
dividend totaling P154.13 million from the company's unrestricted earnings. Shareholders on record as of April 2 would qualify for the dividend which would paid on or before April 30. – VS, GMA News