Coca-Cola to cut jobs in restructuring

Coca-Cola Co said on Friday it would nearly halve its operating units and offer voluntary separation to 4,000 workers including in the United States, as the world’s largest beverage maker battles a hit to sales from the COVID-19 pandemic.

The company said it would have nine operating units that would sit under four geographical segments, along with global ventures and bottling investments divisions, compared with its current model that includes 17 business units.

The voluntary separation packages would also be offered to employees in Canada and Puerto Rico. The company will also cut jobs, but did not provide details on the total planned workforce reduction.

The company said it would incur about $350 million to $550 million in severance expenses.

The Minute Maid and Fanta maker last month reported a 28% slump in sales in the “most challenging” quarter of the year due to coronavirus-triggered closures of restaurants, theaters and sports venues.