The Concepcion group is conquering the elevator and escalator market through its new joint venture with US-based firm United Technologies Corp (UTC). The two companies are buying a joint stake in elevator company Otis E&M Corp Philippines, according to Inquirer.

The financial terms of the stake acquisition were not disclosed, the report added.

A disclosure to the Philippine Stock Exchange said: "The acquisition of Otis will strengthen CIC's building and industrial solutions segment, creating added synergies and a new strategic growth platform aligned with a global trend and building solution trend."

According to GMA News Online, the purchase will be made via Concepcion-Carrier Air Conditioning. The latter is another joint venture, this time by Concepcion Industrial Corp (CIC) and Carrier Air Conditioning Philippines, the report said.

The Concepcion-UTC deal already received approval from the CIC board. However, Concepcion Ari and UTC-Asia still have to finalize the terms and conditions of the stake buy, GMA News Online reported.