Coca-Cola to cut 2,200 jobs worldwide amidst Cova challenges – Business news

Coca-Cola to cut 2,200 jobs worldwide amidst Cova challenges – Business news

The Coca-Cola company is cutting 2,200 jobs worldwide, including 1,200 in the US, as the soda maker deepens its restructuring efforts amid the ongoing shutdown of soft drink-friendly venues such as movie theaters, bars and stadiums .

The 2.5% reduction of the company’s total workforce includes a combination of voluntary procurement and layoffs, a spokesperson said via email on Thursday. Coke had about 86,200 employees at the beginning of the year, including 10,400 in the US.

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“We are in the process of creating an organizational structure that will address customer needs and behaviors”, the company said. “The epidemic was not the cause of these changes, but it has been a catalyst for the company’s rapid growth.”

Following the latest move, the company offered an early departure package for about 40% of its North American workforce in August. It was then said that involuntary deductions would follow. Like other manufacturers of sugar beverages, coke is changing consumer tastes, as products such as seltzers in flavor gain in popularity, as well as extended shutdowns of public spaces that account for a significant portion of its sales Huh.

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The company said the workforce overhaul would cost $ 350 million to $ 550 million. Coke said the annual savings would be the same amount.

The company’s shares rose less than 1% in New York Trading on Thursday. The stock has lost 3.8%, outpacing the broader market this year. The Wall Street Journal previously reported Coke’s job cuts.

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