Swiss lift and escalator manufacturer Schindler has announced it is cutting 1,772 jobs worldwide as a result of the economic downturn.
This content was published on
1 minute
swissinfo.ch and agencies
The cuts represent four per cent of the group’s workforce, a spokesman confirmed after the publication of nine month results.
The restructuring will be part of a package of measures to boost growth. It should be implemented by 2013 and mainly affects staff in Spain, Portugal and the United States. Savings of around SFr150 million ($171 million) are expected.
“As a result of the sovereign debt crisis and the numerous political decisions that have yet to be reached, uncertainty persists regarding the development of the global economy,” the group said, adding that the outlook for the economies of southern Europe and the US remained unfavourable and difficult conditions in these markets were expected to continue.
The strong Swiss franc has impacted on demand this year. While orders in local currencies grew by 5.4 per cent, those in Swiss francs fell by 6.4 per cent. The group said the franc would continue to negatively impact its financial results in the fourth quarter of the year.
Turnover fell by 5.6 per cent to SFr5.7 billion in the first nine months of 2011.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Schindler net profit posts modest lift
This content was published on
First half profit was flat and the company warned that a drop in orders would have consequences for its fourth quarter results. Net profit rose by two per cent, to SFr320 million ($296 million) in the first half of 2009 compared with the same period in 2008. Operating profit increased by 13 per cent. Consolidated…
This content was published on
It sponsors the Schindler Award to encourage young architects to design urban areas that are inclusive and accessible to all. This year’s winners come from Germany. Participants were given the task of revitalising a derelict quarter of the Austrian capital, Vienna, with special emphasis on improving disabled access. The competition, open to students of architecture…
This content was published on
Following the Senate, the House of Representatives voted on Wednesday to accept the plan to inject SFr870 million ($975 million) into the economy in exactly the form presented by the government. Voting was 102 to 48 after about seven hours of debate spread over two days. The package faces one more hurdle on September 30,…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.