(Bloomberg) -- Swiss elevator-maker Schindler Holding AG plans to eliminate 2,000 jobs as the global economic slump brought on by the coronavirus pandemic caused a double-digit slump in orders.
The cuts -- equivalent to about 3% of its global workforce -- will be chiefly among administrative functions and take place over the next two years, the company said on Friday.
“The Covid-19 pandemic negatively impacted every market around the globe, heavily affecting the construction sector,” it said. The strength of the Swiss currency added to the pain.
Revenue in francs tumbled 8.7% during the first half of the year, while order intake fell 12.1%. Schindler said the job cuts were needed to preserve competitiveness in light of the global crisis.
