Coca-Cola cuts 2,200 jobs

by



[ad_1]

In the United States, where there were about 10,400 employees at the end of last year, the cuts represent about 12% of the workforce. In Atlanta, where the company is headquartered, about 500 jobs are being cut, the company said Thursday.

The reductions include both voluntary and involuntary departures, and severance packages are expected to cost the company between $ 350 million and $ 550 million.

The company announced plans to downsize over the summer when it said it was offering buyouts to 4,000 workers in the United States, Canada and Puerto Rico.

It also said it plans to reduce its number of business units from 17 companies in four regions to nine business units in those areas. Coca-Cola did not indicate on Thursday which specific units would be affected.

In the third quarter, Coke’s net revenues fell 9% to $ 8.7 billion, as the company battled lost sales at restaurants – many of which have closed their doors permanently.

Looking ahead, the company is focusing on its most popular segments, including its eponymous line of drinks like Coke and Coke Zero.

Coca-Cola said in October it was canceling 200 brands, or half of its portfolio. Earlier this year, he announced the discontinuation of notable, albeit dated, brands Odwalla, Zico and Tab.

Around 86,000 people worked for Coca-Cola around the world at the end of last year.

– CNN’s Alicia Wallace and David Goldman contributed to this report.

[ad_2]

Source link