Schindler cut around 1,200 jobs in the third quarter

Lift and escalator manufacturer Schindler cut around 1,200 jobs in the third quarter. These redundancies are mainly linked to the reorganisation of new installations activities in China.

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The information was given on Friday by Schindler CEO Paolo Compagna during a conference call with analysts.

Additional cuts in administrative functions have also contributed to a reduction in costs, added CFO Carla De Geyseleer. The headcount reduction plan involves around 1.7% of the workforce.

At the end of September, Schindler employed around 68,800 people worldwide. The Group did not specify the geographical breakdown of job cuts.

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Schindler has been reorganising its activities in China since July, mainly in the new installations sector, in response to the continuing weakness of the market.

This reorientation is aimed at reducing volumes, boosting profitability and improving efficiency. As a result, the impact on headcount in the third quarter was greater than in the second. At the same time, Schindler is continuing its worldwide programme to reduce overheads in order to support the Group’s profitability.

Translated from German by DeepL/ds

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