Food giant Nestlé will cut 16,000 jobs, equivalent to about 6 percent of the employees, reports Bloomberg.
The layoffs will take place over the next two years and are part of a larger savings package at the Swiss company, which, among other things, owns Nespresso and Kitkat. By the end of 2027, the company is expected to have cut costs equivalent to $3.7 billion, according to an updated target.
The company's sales, meanwhile, were better than expected during the third quarter of the year, thanks to improved sales and higher prices.
The share price is rising by 7.4 percent in the morning after the announcement.
