Schindler celebrates 150th anniversary

19 June 2024 09:07

Lucerne Business

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Ebikon - Swiss elevator manufacturer Schindler is celebrating its 150th anniversary this year. Following several years of stagnation, the company is again targeting stronger growth and aiming to be the industry number one.

Schindler AG, an elevator manufacturer based in the Swiss canton of Lucerne, is celebrating its 150th anniversary this year. The company, which was founded in 1874 by Robert Schindler and Edgar Villiger as a mechanical engineering workshop in Lucerne, is looking back over a successful 150 years in its history. According to an article in the Neue Zürcher Zeitung newspaper, the company initially made agricultural machinery, railroad cars and construction cranes as well as elevators. In the past few decades it has focused on manufacturing elevators and escalators. In order to improve its profitability, Schindler is currently focusing on a modular system for its products, from which customers can choose tailored modules.

The global crisis in the construction industry was reflected in a period of stagnating economic growth at Schindler. However, the article explains that Schindler has found its way out of the crisis by expanding its repair and maintenance services, as well as developing new products.

“Our EBIT margin is currently 10.3 per cent,” says Silvio Napoli, Schindler Chairman and CEO, in the NZZ article. The company’s main competitor, Otis, has a margin of 15.4 per cent, which enables it to invest more in research, expansion and employees, adds Napoli. “We want to catch up and are targeting a margin of 11 per cent this year and 13 per cent over the long term.”

Schindler elevators and escalators are used by around 2 billion people every day, according to company statistics. The company employs 70,000 members of staff worldwide. ce/ww

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