Nestlé to cut 16,000 global jobs

jobs cut represent 5.8% of Nestlé's 277,000 employees

In 2023, Nestlé said it would close the Wyeth baby formula plant in Askeaton, Co Limerick. Picture: Press 22

Nestle will cut 16,000 jobs as the world's largest packaged food company seeks to cut costs and win back investor confidence.

The jobs being cut represent 5.8% of Nestlé's around 277,000 employees. New CEO Philipp Navratil said Nestlé had raised its cost savings target to 3 billion Swiss francs (€3.3bn) from 2.5 billion francs by the end of 2027.