- Coca-Cola will cut about 2,200 jobs as part of its workforce restructuring plan.
- The beverage giant accelerated its reorganization in response to the coronavirus pandemic.
- In total, Coke expects to spend $350 million to $550 million on severance costs.
In the United States, Coke will use layoffs and buyouts to eliminate about 1,200 jobs, accounting for about 12% of the workforce in its home market. The news was first reported by The Wall Street Journal.
At the end of 2019, the Atlanta-based company had 86,200 global employees. But the pandemic battered its revenue and raised costs for the beverage giant. About half of its sales typically comes from consumers drinking its beverages away from home. In the third quarter, its net sales slid 9%.