Schindler to cut up to 2,000 jobs

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Schindler to cut up to 2,000 jobs

Friday, 24.07.2020

The CEO of the group, Thomas Oetterli. (Keystone)

Elevator and escalator maker Schindler posted lower half-year results but beat analyst estimates. The Hergiswil group plans to cut 2,000 jobs worldwide in the next two years as part of a savings program launched because of the negative impact of Covid-19 on business.

The restructuring measures will cost up to 150 million francs and the elimination of the 2,000 jobs also concerned the plant, a statement said on Friday.

During the period under review, sales fell by 8.7% to 4.96 billion francs and by 3.1% at constant exchange rates (cc). New orders fell 12.1% to 5.4 billion and 6.6% cc.

Profitability has also suffered from the pandemic. Operating profit (EBIT) slipped 29.4% to 421 million and the related margin was 8.5% against 11% previously.

Net profit for its part sagged 28.2% to 313 million.

The results remain above analysts’ expectations.

For the full year, Schindler expects sales to decline between 0% and 6% in local currencies and net profit is expected to be between 680 and 720 million taking into account restructuring costs of 130 million over the period. . (AWP)

Read also: The coronavirus pushes Schindler and his competitors to innovate even faster



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