Coronavirus: Coca-Cola restructuring cuts 2,200 jobs worldwide
Coca-Cola is to cut about 2,200 jobs in its global workforce as part of a restructuring plan.
The soft drinks giant's restructure has been accelerated by the coronavirus pandemic which has seen the widespread closure of venues where Coke is sold. The bulk of the layoffs will be in the US, where it will shed 1,200 jobs. At the end of 2019, Coca-Cola had around 86,000 employees but faces pressure on its revenues which have been hammered by the pandemic. About half of Coca-Cola's sales typically comes from consumers drinking its beverages away from home. Social restrictions to curb the spread of the virus have led to widespread closures of bars, restaurants, cinemas and sports stadiums where its drinks are sold. In August, Coke said it would offer 4,000 workers in the US, Canada and Puerto Rico voluntary layoff packages. Coke expects the job cuts to result in annual savings of between $350 million and $550 million, a spokesman for the company said. Slimming down Coke has responded to the crisis with plans to restructure its business and slim down its portfolio. The move will see the global drinks giant slash its 430 master brands by more than half to 200, to focus on products that are growing and can achieve a large scale. It is retiring its Tab soda and Zico coconut water brands, and earlier this year closed its Odwalla juice and smoothie business. The Atlanta-based company reported revenue of $8.65bn (£6.4bn) for its latest quarter results , a decline of 9% from a year earlier. The job losses do not affect employees at its bottling plants, most of which are independent. These bottling operations employ hundreds of thousands of people around the globe.