San Francisco: Coca-Cola company will cut almost 4000 jobs and reduce the number of business units as it faces a decline in the beverage sales during the coronavirus pandemic.
Coke said the job cuts will come in the form of voluntary and involuntary reductions. It plans to first offer buyouts to 4,000 employees in the United States, Canada and Puerto Rico and then offer a similar voluntary programme in other countries. The number of people who take the buyout will reduce the number of involuntary layoffs. Coke did not say how many jobs could be lost in total but said global analysis expenses could range from 350 million dollars to 550 million dollars.
As of December 31, 2019, Coke had 86,200 employees of which about 10,100 were located in the United States. Coke is focusing on its most popular segments that include its main Coca-Cola line and products like sports drinks, coffees and teas. It also wants to expand in growing categories such as sparkling water and plant-based drinks.
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