Schindler CEO Cautiously Optimistic About China 2023 Outlook

Silvio Napoli, CEO of Switzerland-headquartered Schindler, said he is cautiously optimistic about the elevator, escalator and moving walk manufacturer’s business in China in 2023, China Daily is among outlets to report. Napoli’s sentiment is based on a predicted recovery of the Chinese economy and a gross domestic product target of approximately 5% for 2023. “I have lived in China long enough to know that the Chinese economy will always surprise everyone,” Napoli told the source. Since equipment orders take up to 18 months before they arrive on construction sites, Napoli observed it will take at least until the second half of 2023 to return to growth. Accounting for approximately 17% of Schindler’s sales, China is home to the OEM’s second-largest R&D facility, for which Napoli oversaw expansion pre-pandemic. In February, Schindler reported that revenue increased by 1% overall to US$12.24 billion and order intake decreased by 1.7% to nearly US$12.95 billion.