The Swiss food giant added that job cuts will be made over the next two years and that costs are targeted to be cut by CHF3 billion by 2026, according to Al Jazeera and other media reports on Tuesday.
Nestlé, known for its top brands such as Nescafé and KitKat, blames the decision on the decline in sales due to anti-Israel boycott movements around the world following the Palestinian regime’s genocidal war against Palestinians in the Gaza Strip.
Nestlé owns more than half of the shares in Israeli food manufacturing and sales company Osem.
Boycott movements against Israel and Israeli-related products and brands have intensified in Europe, the United States, and other countries since the regime launched a devastating war against Gaza and committed unprecedented crimes against the Palestinian people.
Israeli media earlier reported that the boycott had forced Israeli restaurant chain Shuk to close all branches in Washington, with Haaretz reporting that activists accused the restaurants of colluding with the apartheid regime to import products from illegal Israeli settlements.
MNA