Schindler to cut 1,772 jobs, mostly in Spain, Portugal, US

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Swiss lift manufacturer Schindler said Wednesday it would slash 1,772 jobs mainly in Spain, Portugal and the United States, as part of a restructuring to cope with difficult economic conditions.

"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," said the lift-maker.

In particular, it noted that the outlook for southern Europe and US economies "remains unfavourable" and was likely to continue.

The firm was therefore taking measures to cut costs.

A Schindler spokesman told Swiss news wire ATS that the measures include a four percent reduction in its worldwide staff.

With 44,309 people employed at the end of September, the restructuring therefore translates to 1,772 job cuts, particularly in Spain, Portugal and the United States.

The measures will be implemented by 2013 and would allow the company to save 150 million francs (125 million euros).

While slashing jobs in the industrialised world, the group is to invest 130 millions francs in China and India, where demand is strong for its products.

© 2011 AFP

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