Reportedly, The Coca-Cola Company (KO) will cut about 2,200 jobs in its global workforce, with the bulk of the layoffs in the US, where it is expected to shed 1,200 jobs. The move is a part of the restructuring plan driven by the coronavirus pandemic.
Approximately, half of Coca-Cola’s sales typically come from consumers consuming its beverages away from home. The social restrictions and lockdown have led to closures of restaurants, bars, cinemas, and sports stadiums where its drinks are sold and consumed in large numbers.
This year in August, the company said it would offer voluntary layoff packages to 4,000 workers in Canada, the US, and Puerto Rico. The company expects the job cuts will result in annual savings of between $350 million and $550 million. The job cut does not affect employees at its bottling plants, most of which are independent.
The company is responding to the pandemic crisis with plans to restructure its business and narrowing down its portfolio of drinks. Consumers will witness the company cut its 430 master brands to more than half. Coca-Cola is putting its Tab soda and Zico coconut water brands off shelves, and earlier this year the beverage giant closed its smoothies and Odwalla juice.
Dow 30 Component, The Coca-Cola Company (KO), is the largest total beverage company in the world. It offers 500 plus brands in over 200 countries and is committed to reducing sugar in its drinks and providing new and diverse drinks to people everywhere. To learn more about The Coca-Cola Company (KO) and to continue to track its progress please visit the Vista Partners Coca-Cola Company Coverage Page.
Stay Informed! Stay Competitive! Please join us at Vista Partners and receive our FREE email updates throughout the week and view our exclusive content and research.