Coca-Cola To Cut Jobs In Restructuring

By Dayeeta Das
Share this article
Coca-Cola To Cut Jobs In Restructuring

Coca-Cola Co said on Friday it would nearly halve its operating units and offer voluntary separation to 4,000 workers including in the United States, as the world's largest beverage maker battles a hit to sales from the COVID-19 pandemic.

The company said it would have nine operating units that would sit under four geographical segments, along with global ventures and bottling investments divisions, compared with its current model that includes 17 business units.

Voluntary Separation Packages

The voluntary separation packages would also be offered to employees in Canada and Puerto Rico. The company will also cut jobs, but did not provide details on the total planned workforce reduction.

The company said it would incur about $350 million (€293.9 million) to $550 million (€461.9 million) in severance expenses.

The Minute Maid and Fanta maker last month reported a 28% slump in sales in the 'most challenging' quarter of the year due to coronavirus-triggered closures of restaurants, theatres and sports venues.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

Get the week's top grocery retail news

The most important stories from European grocery retail direct to your inbox every Thursday

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our terms & conditions and privacy policy. You can unsubscribe at any time.