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.