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Coca-Cola to lay off 17% global workforce as part of restructuring amid COVID-19 challenges – Business News , Firstpost


The Atlanta-based firm stated round half of the layoffs might be from the US, the place Coke employs round 10,400 folks

FILE – In this Oct. 14, 2019 photograph a truck with the Coca-Cola emblem, behind left, maneuvers in a parking zone at a bottling plant in Needham, Mass. The Coca-Cola Co. stated Thursday, Dec. 17, 2020, it’s laying off 2,200 employees, or 17% of its global workforce, as part of a bigger restructuring geared toward paring down its enterprise items and types. (AP Photo/Steven Senne, File)

New York: The Coca-Cola Company on Thursday stated it is laying off 2,200 employees, or 17 p.c of its global workforce, as part of a bigger restructuring geared toward paring down its enterprise items and types.

The Atlanta-based firm stated round half of the layoffs will happen within the US, the place Coke employs round 10,400 folks. Coke employed 86,200 folks worldwide on the finish of 2019.

The coronavirus pandemic has hammered Coke’s enterprise, as gross sales at locations like stadiums and film theaters dried up due to lockdowns. Its income fell 9 p.c to $8.7 billion within the July-September interval.

The downturn pressured the corporate to speed up a restructuring that was already underway.

“We’ve been challenging legacy ways of doing business and the pandemic helped us realise we could be bolder in our efforts,” Coke Chairman and CEO James Quincey stated throughout an earnings name in October.

Coke is lowering its manufacturers by half to 200. It shed a number of sluggish-promoting manufacturers this 12 months, together with Tab, Zico coconut water, Diet Coke Fiesty Cherry and Odwalla juices.

The firm stated it is going to use the financial savings to put money into rising manufacturers like Minute Maid and Simply juices and fund the launch of new merchandise like Topo Chico Hard Seltzer, Coca-Cola Energy and Aha glowing water.

Coke can be lowering its enterprise segments from 17 to 9. It stated the severance packages will price between $350 million to $550 million.

The firm started providing voluntary buyouts to staff in August. Coke would not disclose what number of staff took these gives.

The layoffs will not influence Coke’s bottlers, that are largely impartial. Including bottlers, the corporate employs greater than 700,000 folks worldwide.

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