Coca-Cola To Cut 2,200 Jobs Worldwide : Reports

(RTTNews) - The Atlanta-based beverage giant Coca-Cola Co will cut 2,200 jobs globally, including 1,200 in the United States, as part of a major reorganization aiming at growing the business, but the COVID-19 pandemic accelerated its moves, media reports quoted the company's spokesman as saying in email.

In Atlanta, about 500 jobs will reportedly be eliminate.

The company had about 86,200 employees at the end of last year, of which 10,400 were located in the United States.

The company said in August that it would offer voluntary separation packages to about 4,000 employees in the United States, Canada and Puerto Rico. A similar program would be offered in many countries internationally.

The company then stated that it would reduce its business units to nine from seventeen in four regions. The severance programs would cost the company between $350 million to $550 million.

Coca-Cola said in October that it would offer a portfolio of about 200 master brands, an approximate 50 percent reduction from the current number, and phase out some products, such as ZICO and TaB.

Coca-Cola's third quarter net revenues declined 9 percent to $8.7 billion. Organic revenues declined 6 percent.