Schindler Expects U.S. Tariffs to Cost Millions

Swiss elevator maker Schindler expects U.S. tariff costs to be “in the millions” as it faces an anticipated decline in new-installation business in the Americas, outlets including Blue News report. Overall, though, Schindler’s orders and margins increased for the first quarter, with group sales rising by 2.2% to CHF2.73 billion (US$3.30 billion). New installation order intake rose by 5.7% to CHF2.95 billion (US$3.26 billion). As expected, new installations declined in China, the only region where Schindler did not grow organically. For new installations in the Americas, Schindler anticipates stagnation or a decline of up to -5%, despite growth in excess of 10% for the first quarter. Worldwide, the maintenance and modernization business recorded steady growth, with modernization “particularly buoyant.” Taking into account the U.S. steel and aluminum tariffs, Schindler anticipates annual costs of CHF23 million (US$27.8 million) for 2025. To offset the tariff impact, Schindler plans to make better use of its own factories, consider purchasing from alternative sources and adjust existing orders.

Get more of Elevator World. Sign up for our free e-newsletter.

Please enter a valid email address.
Something went wrong. Please check your entries and try again.

government of Newfoundland and Labrador

Changes to Public Safety Act to Help Elevator Inspections

hyundai_elevator_logo

Hyundai Elevator Signs MOU With Samsung C&T

KONE_logo_2023

KONE Awarded Sao Khue Award

ILE logo

ILE Celebrates 50 Years, LIFTEX Booth to Represent Anniversary

logo

Telangana High Court Issues PIL Due to Recent Elevator Accidents

Otis-Logo

Otis To Modernize 20 Elevators for NSW LAHC Housing

cibse-sharing-pages

CIBSE Guide D 2025 Seminar and Launch Set for September

shanghai_electric_middle_east_logo

Shanghai Mitsubishi Signs Deal to Localize Elevator Production in Uzbekista