Swiss food giant Nestle will relocate the headquarters of coffee business Nespresso in 2021 from Lausanne to the group's main campus in Vevey, 20 kilometres away, to save money.
Nestle said on Friday that the move will involve shifting 350 employees but will not result in job losses. Nespresso employs more than 13,000 people worldwide, out of a total Nestle workforce of 323,000.
"The move of Nespresso to Vevey offers the advantages of being closer to the group headquarters, while allowing Nespresso to remain fully concentrated on its business," Nestle said.
"The move will lead to operational and cost benefits."
Vevey on Lake Geneva was where Henri Nestle, a German-born entrepreneur, developed infant cereal dubbed "flour with milk" in around 1866, which helped launch the world's biggest food company.
Nestle said work on creating a global headquarters for Nespresso at Vevey will start late next year and be completed by early 2021.