Nestle, the company behind favorites like KitKat and Nespresso, is set to lay off 16,000 employees globally over the next two years.
The move, announced by new CEO Philipp Navratil (who stepped in last month), is part of a plan to boost efficiency and save three billion Swiss francs by 2027.
Both office and factory roles will be affected.
Breaking down the layoffs
12,000 white-collar jobs and 4,000 production/supply chain roles are on the line.
Cutting office jobs alone is expected to save Nestle one billion Swiss francs.
The company currently has about 277,000 employees around the world.
What's on Nestlé's menu?
Nestle isn't just about chocolate bars—it's got a massive portfolio of over 2,000 brands.
From coffee to pet food, its products show up in nearly every aisle of your grocery store.