Otis Elevator plans to invest $40 million to open a new plant in Florence, South Carolina. The company, which is a unit of United Technologies Corp., will build a new model of its elevators, as well as a 150-foot tower to test its elevators, at the new facility. The plant will be in an industrial park that Florence County shares with neighboring Williamsburg County.

According to company spokeswoman Michele Batty, Otis will hire 360 people at the manufacturing plant over the next five years, with hiring to commence by year's end. The average wage for employees in Florence will be $25 per hour.