The job cuts will be in computer-services positions over the coming 18 months, Nestle said in a statement Tuesday. The company will offer employees training to switch to other positions and accept voluntary departures.
Nestle has been under increased pressure to cut costs after activist investor Dan Loeb’s firm Third Point LLC invested about $3.5 billion in the company last year.
Chief Financial Officer Francois-Xavier Roger has been accelerating the company’s five-year restructuring plan and has predicted 700 million francs ($706 million) of reorganization costs this year. The company had 323,000 employees worldwide in 2017, ranking sixth among European employers.
Nestle also said that Nespresso will offer jobs to 80 employees affected by a reorganization involving setting up centers in Spain and Portugal for e-commerce and supply chain services. - Bloomberg
We're sorry, this article is unavailable at the moment. If you wish to read this article, kindly contact our Customer Service team at 1-300-88-7827. Thank you for your patience - we're bringing you a new and improved experience soon!
What do you think of this article?