Coke said Friday that the cuts to jobs would come in the form of voluntary and involuntary reductions. The plan to first offering purchases to 4,000 employees in the U.S., Canada and Puerto Rico and then offering a similar volunteer program in other countries. The number of people taking the purchase reduce the number of involuntary dismissed, the company said.
Coke did not say how many jobs in total could be lost, but said global severance pay could range from $ 350 million to $ 550 million.
As of December 31, 2019, Coke had 86,200 employees, of which approximately 10,100 were in the United States.
The company said it plans to reduce its business units from its current total of 17 businesses in four geographic regions to nine business units in those regions. Coke focuses on its most popular segments that include the main Coca-Cola line and products such as sports drinks, coffee and tea. It also wants to expand into growing categories such as sparkling water and plant-based beverages.
In the second quarter of Coca-Cola, which ended June 26, the company saw sales drop 28% to $ 7.2 billion.
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