Sector News

Coca-Cola to cut 2,200 jobs worldwide amid restructuring efforts

December 20, 2020
Consumer Packaged Goods

The Coca-Cola Company has announced that it will cut 2,200 jobs worldwide including 1,200 in the US, as it looks to accelerate its ongoing business restructuring amid Covid-19 challenges.

Back in August, the soft drinks giant announced a major business restructuring as it seeks to revitalise growth after its sales took a hit from the global Covid-19 pandemic. The health crisis has resulted in the widespread closure of away-from-home channels, where a proportion of Coca Cola’s soft drinks are sold.

At the time, the company announced that 4,000 employees across the US, Canada and Puerto Rico will be offered voluntary separation packages. Coca-Cola also highlighted that further job cuts across the company’s global operations were likely, confirming that a similar programme will be offered in many countries internationally.

Coca-Cola – which had roughly 86,200 employees at the end of last year – has not disclosed the number of employees who have accepted the package nor given details about the timeline for the jobs, according to Reuters. It has been reported that around 500 job cuts will be made in metro Atlanta, where Coca Cola’s headquarter is based.

A Coca-Cola spokesman, as cited by the BBC, said the company expects the recent job cuts to result in annual savings of between $350 million and $550 million.

“The pandemic was not a cause for these changes, but it has been a catalyst for the company to move faster,” Coca-Cola said in an emailed statement, as cited by Reuters.

As part of its efforts to streamline its operations, the company has announced the retirement of several brands including Tab diet soda, Coke Life and Zico Coconut Water.

By Emma Upshall

Source: foodbev.com

comments closed

Related News

May 26, 2024

Heineken Pilot looks to boost digital supply chain flexibility

Consumer Packaged Goods

Heineken is investing in its ability to “mix and match” demand planning models as it builds out a connected supply chain. The flexibility to select models for both shorter and longer horizons remains a current challenge in demand planning, Corneel Hindriks, Heineken manager of digital and technology, global planning, tells CGT.

May 26, 2024

KPS to snap up Tate & Lyle’s corn business in US$350 million deal

Consumer Packaged Goods

US-based investor KPS Capital Partners is set to acquire Tate & Lyle’s joint venture Primient, which formulates plant-based ingredients, for US$350 million. The move will complete KPS’ remaining 49.7% ownership of the company to propel Primient’s corn business by modernizing operations, supporting growth initiatives and sustainability practices.

May 26, 2024

Kimberly-Clark names Patricia Corsi Chief Growth Officer

Consumer Packaged Goods

Kimberly-Clark has selected Patricia Corsi to lead its marketing and adjacent growth strategies, succeeding Alison Lewis as chief growth officer. Corsi will be tasked with accelerating brand and commercial program success, driving long-term growth for the company.

How can we help you?

We're easy to reach