Nestle to cut 16,000 jobs globally, shares soar

ByEnigma 808

Nestlé, the Swiss food giant, announced plans to cut 16,000 jobs globally over the next two years, leading to an increase in its share price. CEO Philipp Navratil, who took over in September, said the company needs to adapt faster to changing conditions, and job cuts are necessary for this.

The layoffs will reduce the workforce by about six percent, including 12,000 white-collar positions, saving the company one billion Swiss francs. Another 4,000 cuts are happening in production and supply chain.

Despite a drop in sales by 1.9% to 65.9 billion Swiss francs, Nestlé expects its savings target to reach 3 billion Swiss francs by 2027. The company saw growth in coffee and confectionery, with price hikes contributing to positive results.

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    Besides writing and being a content creator, Enigma 808 sometimes likes to watch paint dry on walls, listening to ASMR while timing snails racing. Such is life.