Nestle Intends to Cut 16,000 Jobs in Cost-Reduction Move
(MENAFN) Swiss food giant Nestle revealed on Thursday its intention to reduce its workforce by 16,000 positions over the upcoming two years as part of a strategy to lower expenses.
In a company statement, Nestle explained that to boost operational productivity, it will cut 12,000 white-collar roles alongside an additional 4,000 jobs within the specified timeframe.
This workforce reduction is projected to generate annual savings of 1 billion Swiss francs ($1.25 billion) for the firm through the end of 2027.
Earlier, Nestle had initiated a cost-saving program totaling $3.17 billion under the leadership of its former CEO, Laurent Freixe. Now, this target has been accelerated and increased to $3.76 billion by 2027.
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