Coca-Cola Cutting Up To 1,800 Jobs Globally

(RTTNews) - Coca-Cola Co. on Thursday confirmed it will eliminate at least 1,600 to 1,800 jobs globally.

In a statement published by news outlets this morning, the beverage giant said that the cuts will be carried out over the coming months.

"We have committed that we will ensure fair, equitable and compassionate treatment of our people throughout the process," the company said.

The move is part of a cost cutting plan aimed at $3 billion in annualized savings by 2019.

Coke also plans to refranchise the majority of its North American bottling territories by the end of 2017.

"While these actions will take time to implement, we are confident that they will position The Coca-Cola Company to continue delivering sustainable value to our shareowners as we work toward our 2020 Vision," CEO Muhtar Kent said in October, after Coke reported a profit for the third quarter that decreased 14 percent from last year.