STORY: Nestle wants to cut costs by at least $2.8 billion by 2027.

The company also said Tuesday (November 19) it will boost advertising and marketing.

Its part of a plan to drive growth under new CEO Laurent Freixe.

He took over in September from Mark Schneider, who had upset investors for several quarters with weak sales growth.

Nestle - which owns brands like KitKat and Nescafe - gutted its marketing and advertising budget under Schneider.

It also invested less in innovation during the cost-heavy COVID-19 pandemic.

The repercussions continue to weigh on the Swiss company's revenue.

It was hurt when shoppers switched to cheaper, better advertised or more innovative brands, which ate into Nestle's market share.

It forecast medium-term organic sales growth to be more than 4% in a normal operating environment.

It also sees and an underlying trading operation profit margin of 17%.

Nestle said it will increase investment in advertising and marketing to almost a tenth of total sales by next year to support growth.

The firm also aims to carve out its water and premium drinks businesses into a standalone global unit.

Shares were down around 1.8% in early trade.