Hershey is cutting 15 percent of its workforce

Hershey is cutting about 15% of its global workforce, mostly outside of the US.

The chocolate maker said in a statement Tuesday that the move is part of a multiyear program to improve profitability.

Hershey said it expects the program to incur pre-tax charges of $375 million to $425 million, and provide between $80 million and $100 million in benefits from the layoffs.

"Our objective is to ensure that we always have the right level of innovation, marketing plans and consumer and customer expertise to drive net sales growth, especially in our North America confectionery and snacks business," said Michele Buck, the incoming CEO.

Hershey's shares fell by as much as 7% in after-hours trading following the announcement. Hershey plans to explain more to investors at a conference on March 1.

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Notable stores that no longer exist like they used to
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Notable stores that no longer exist like they used to
Signage is displayed at a Filene's Basement store in Chicago, Illinois, U.S., on Wednesday, Nov. 16, 2011. Bankrupt discount-clothing retailer Syms Corp. and its Filene's Basement LLC unit won court approval to conduct going-out-of-business sales to liquidate their inventory. Photographer: Tim Boyle/Bloomberg via Getty Images
A Circuit City store is seen in Dallas, Texas in this file photo taken June 19, 2008. U.S. electronics retail chain, Circuit City is considering closing at least 150 stores and cutting jobs, the Wall Street Journal said on October 20, 2008, citing people familiar with the company. REUTERS/Jessica Rinaldi/Files (UNITED STATES)
NORRIDGE, IL - JANUARY 30: KB Toys signage is visible atop the entranced to its store January 30, 2004 in Norridge, Illinois. Pittsfield, Massachusetts-based KB Toys says it will close 375 stores nationwide including this Norridge, Illinois store. (Photo by Tim Boyle/Getty Images)
ALEXANDRIA, VA - AUG 14: An Ames Department Store stands August 14, 2002 in Alexandria, Virginia. Ames Chairman and CEO Joseph R. Ettore in announced that the discount chain would close all 327 store locations leaving 22,000 unemployed. (Photo by Mike Theiler/Getty Images)
The Blockbuster movie rental store is open for business in the Denver suburb of Broomfield, Colorado April 6, 2011. Dish Network Corp won Blockbuster Inc in a bankruptcy auction for about $320 million, boosting the satellite TV provider's online features and marketing reach. Dish, the second-largest U.S. satellite TV company after DirecTV, trumped at least three other bidders, including activist investor Carl Icahn, for the one-time leader in video rentals. REUTERS/Rick Wilking (UNITED STATES - Tags: BUSINESS)
A Sports Authority store is shown in Encinitas, California on March 2, 2016. Sports Authority Inc. said it had filed for Chapter 11 bankruptcy protection and hired liquidators to begin closing up to 200 of its 463 locations. REUTERS/Mike Blake
Customers walk into the Hollywood Video store that is scheduled for closing in Springville, Utah, U.S., on Wednesday, May 12, 2010. Movie Gallery Inc., the owner of Hollywood Video stores, plans to shutter operations and liquidate assets after filing for bankruptcy for the second time since 2007. Photographer: George Frey/Bloomberg via Getty Images
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