Swiss food giant Nestlé has said its cost savings are on track and could total more than the CHF6bn (US$4.36bn) originally targeted by the end of 2006.
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“We are fully on track. We delivered 1.2bn (francs in cost savings) last year and we will deliver 800m this year. That is already guaranteed,” chief financial officer Wolfgang Reichenberger was quoted by Reuters as saying.
Reichenberger said the company was initially behind its rivals in terms of cost cuts.
“The good news is those savings are still ahead of us. On the savings side we will overtake our peers because we are just getting into the phase of accelerating the cost cutting programmes,” he said.
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