Nestlé is cutting 16,000 globally as the Swiss food giant looks to trim costs and continue with its turnaround efforts

Nestlé, which makes Nescafé, KitKats, pet foods and many other well-known consumer brands, said Thursday that the job cuts will take place over the next two years. The Swiss company also said that it is raising targeted cost cuts to 3 billion Swiss francs ($3.76 billion) by the end of next year, up from a planned 2.5 billion Swiss francs ($3.13 billion).