Nestlé is cutting 16,000 jobs globally as the Swiss food giant cuts costs as part of its efforts to revive its financial performance.

Nestlé, which makes Nescafé, KitKats, pet foods and many other well-known consumer brands, last week said 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 $3.76 billion by the end of next year, up from a planned $3.13 billion.

It has been a turbulent year for the company, based Vevey, Switzerland. Last month, Nestle dismissed CEO Laurent Freixe after an investigation into an undisclosed relationship with a subordinate.

Freixe had only been on the job for a year. He was replaced by Philipp Navratil, a longtime Nestlé executive.

Shortly after Freixe was ousted, Chairman Paul Bulcke stepped down early.

Nestlé is also fighting a host of external headwinds similar to other food makers, including rising commodity costs and increased tariffs. The company announced price hikes over the summer to offset higher coffee and cocoa costs.

President Donald Trump has implemented a 50 percent tariff on Brazilian goods such as coffee and orange juice. The Trump administration imposed a 40 percent tariff on Brazilian products in July, which was on top of a 10 percent tariff imposed earlier. Coffee consumption in the United States is fueled by imports.

Official federal government data shows Brazil, the world’s top coffee producer, supplies about 30 percent of the American market, followed by Colombia at roughly 20 percent and Vietnam at about 10 percent. Tariff negotiations are ongoing.

Nestlé said that it will eliminate 12,000 white-collar positions in multiple locations. The job cuts are expected to achieve annual savings $1.25 billion by the end of next year. The company will cut 4,000 jobs as part of ongoing productivity initiatives in its manufacturing and supply chain.

“The world is changing, and Nestlé needs to change faster,” Navratil said in a statement.