Coca-Cola cuts 2,200 jobs globally as part of a restructuring plan
The soft drinks giant says Coca-Cola published news regarding the restructuring plan of their business. As part of that, the company will go to cut nearly 2,200 jobs globally.
As per the source, the Coca-Cola jobs cut may happen via a mixture of voluntary buyout and involuntary layoff. The officials of Coca-Cola company said that they will cut around 1,200 jobs in the U.S and 500 jobs in the Atlanta area. They expect that the move will follow in annual savings between $350 million and $550 million, said a source.
He also stated that we have found a way whereby we escape from the Covid pandemic. Moreover, they also have some positive views on how to stimulate business growth.
At the end of 2019, the soft drinks company’s employees count stood at nearly 86,000. Although, they faced some difficulties in revenue due to the pandemic. A source said that the Covid-19 pandemic is not a reason for the changes in the business restructuring plan. But, it has been played a major role in supporting the company to move fast. Initially, the company has announced its reorganization plans in August and the work will start in 2021.
At present, the company offers nearly 430 master brands around the world. Now, it decided to shed more than half to 200 brands. Earlier this year, it also skips some low auction brands like Tab soda, Zico coconut water, Diet Coke Feisty Cherry, Odwalla juices. However, the company will utilize the savings for growing the brands and the launch of new brands.
As per the financial statements, the Atlanta-based company reported revenue of $8.65 bn for its latest quarter results. It declined nearly 9% from the first quarter earning. In addition, the job cuts will not impact the bottling operations.
