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Schindler sheds jobs amid “uncertain economy”

Swiss lift and escalator manufacturer Schindler has announced it is cutting 1,772 jobs worldwide as a result of the economic downturn.

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.

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR