Schindler to cut 2,000 jobs as profit falls by more than 25%

ZURICH (Reuters) – Elevator and escalator maker Schindler said on Friday it is cutting 2,000 jobs after profit in the first half of 2020 fell more than a quarter, as the COVID-19 pandemic hurt the Swiss company’s business.

Schindler’s net profit totaled 313 million Swiss francs ($338.45 million), down from 436 million in the year-ago period. The company sees revenue contracting by up to 6% for the full-year 2020, with net profit seen between 680 million francs and 720 million francs.

(Reporting by John Miller, editing by John Revill)