Bloomberg The stock has underperformed in the past year
Coca-Cola announced Friday plans to cut thousands of jobs and reduce the number of its business units due to declining beverages sales amidst the coronavirus pandemic.
The beverage giant said that in order to "minimize the impact" from the structural changes, it will offer voluntary separation packages to 4,000 employees working in the continental U.S., Canada and Puerto Rico that were hired on or before September 1, 2017.
The company was offering voluntary redundancy to 4,000 workers in the United States, Canada and Puerto Rico and would offer similar deals in other markets, it said in a statement, while also signaling other layoffs were likely to follow.
Over the past several months, Coca-Cola's business has been challenged and the company is taking a closer look at its 400 master brands, more than half of which are single country brands generating approximately 2% of total company revenue.
The company will also cut jobs, but did not provide details on the total planned workforce reduction. A similar buyout program will be offered to worldwide employees as well, the company said.
WNBA New York Liberty, Seattle Storm Walk Off Court During National Anthem
And we really wanted to take advantage of that and continue to highlight things that we need to be better in this world. The NFL has also allowed its players to wear helmet decals with the initials of slain black victims of police brutality.
The company said it would incur about $350 million to $550 million in severance expenses.
Chair and chief executive James Quincey said the business would prioritise "a portfolio of strong brands and a disciplined innovation framework".
According to CNN, Coca-Cola's saw sales drop 28% to 7.2 billion in its second quarter, which ended on June 26.
The iconic American brand, that owns dozens of juice, water and soft drink labels, said it plans to cut down to nine business units from 17 now, but will offer severance packages to employees costing between $350 million and $550 million.
Recommended News
-
29 August 2020Clinton: Biden ‘Should Not Concede Under Any Circumstances’
Democrats actually won some important races there, ' Clinton said. "Create as much chaos around elections as possible", Crenshaw said on Wednesday, reacting to Clinton's comments.
29 August 2020Meet Mirage, Wolfsbane and Sunspot in The New Mutants character featurettes
The film was first green-lit back in 2015, with The Fault in Our Stars helmer Josh Boone tapped to direct the X-Men-adjacent project .
28 August 2020Protesters confront Rand Paul about Breonna Taylor after RNC
Demonstrators shouted at the senator, calling on him to say the name of Breonna Taylor, a woman shot by police officers. In the videos, police formed a perimeter around the Pauls, telling protesters "move back". -
29 August 2020Elon Musk to Reveal 'Working Neuralink Device' on Aug. 28
The chip which will be wireless in the future can read, transmit high-volume data and amplify signals from the brain. On the Joe Rogan Podcast in May, Musk claimed the company could start human trials of its chips within a year .
29 August 2020Hear Christina Aguilera’s stunning take on ‘Mulan’ song ‘Reflection’
This music video is directed by Niki Caro ("The Zookeeper's Wife", "McFarland, USA"), who also directed Mulan . Subscribers will be able to get Premiere Access to the film on September 4th for an additional fee of $29.99.29 August 2020Sony opens registration for PS5 in the US
But if you'd still like to preorder one on the basis of blind faith and a susceptibility to hype, then Sony has the deal for you. This news doesn't actually tell us anything like a full release date, or the price the console is actually going to cost. -
29 August 2020Arizona Hall of Fame coach Lute Olson dies at 85
He led Arizona to 20 straight 20-win seasons and is one of five coaches in NCAA history with 29 seasons of at least 20 wins. Olson led Arizona to its first No. 1 ranking and Final Four in 1987-88 and repeated the latter feat in 1994.29 August 2020'The Bachelorette' Poster Features Clare Crawley & Fans Have Questions!
It just became so obvious from her subsequent few dates that her heart wasn't in it and she just wasn't feeling it. After appearing on Underwood's season of The Bachelor , Adams appeared on Season 6 of Bachelor in Paradise .29 August 2020Pentagon slams Chinese missile launches in South China Sea
Song Zhongping, a Hong Kong-based military commentator, said the missile launches were clearly meant to send a signal to the US. Vietnam has repeated asserted its sovereignty over the Paracel Islands, which it calls Hoang Sa. -
29 August 2020
Google extends its work-from-home policy for employees until summer 2021
Many firms have floated aggressive timetables to get people back into the office, but Google is apparently embracing remote work. As The Wall Street Journal reports , last week Google CEO Sundar Pichai held a debate with Google's other top executives.
29 August 2020Former Man City defender Onuoha wants RSL exit after owner sparks backlash
Williams recounted a separate incident in which he said Hansen casually used the N-word in a dispute with a team employee. MLS and NWSL players are united in their call for the removal of one of their team owners.
29 August 2020How to earn Black Ops Cold War beta codes during CDL Champs
The scheduled release date on the Xbox Series X is yet to be specified but the game is coming to the platform by this year. Thanks to leaks from @InfoCoDEsp_ via COD Tracker, we might finally have a firm estimate for how soon they truly are.
