The world's largest food company is cutting about 16,000 jobs as part of a sweeping cost-saving overhaul, fueling a surge in its shares.

Nestlé announced the layoffs in its quarterly earnings release on Thursday, Oct. 16. The Swiss company will slash about 6% of its global workforce through 2027.

The move marks one of Nestlé's largest workforce reductions in decades.

"The world is changing, and Nestlé needs to change faster," CEO Philipp Navratil said. "This will include making hard but necessary decisions to reduce headcount over the next two years. We will do this with respect and transparency."

About 12,000 "white-collar professionals" will be eliminated across several regions, with another 4,000 roles expected to be eliminated in manufacturing and supply chain operations. The chang

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