(MENAFN) Swiss food giant Nestle revealed on Thursday its plan to cut 16,000 jobs within the next two years as part of an aggressive cost-reduction strategy.

In an official statement, the company detailed that 12,000 white-collar roles will be eliminated alongside 4,000 other positions during this period to boost operational efficiency.

These layoffs are projected to generate annual savings of 1 billion Swiss francs ($1.25 billion) for Nestle through to the end of 2027.

This move accelerates Nestle’s ongoing cost-cutting efforts, which had already seen $3.17 billion in savings initiated under former CEO Laurent Freixe. The target has now been raised to $3.76 billion by 2027.

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