World News | Coca-Cola Offering Buyouts to About 4,000 Workers
Get latest articles and stories on World at LatestLY. Coca-Cola is offering voluntary buyouts to about 4,000 people to reduce the number of layoffs it says will take place as it streamlines operations.
Washington, Aug 28 (AP) Coca-Cola is offering voluntary buyouts to about 4,000 people to reduce the number of layoffs it says will take place as it streamlines operations.
Coca-Cola is reducing the number of its individual business segments from 17 to nine, which it said Friday will result in “voluntary and involuntary” staff cuts.
The streamlining is taking place during a rough stretch for Coca-Cola and almost all companies that cater to social events.
Half of Coca-Cola's sales come from stadiums, movie theaters and other places where people gather in large numbers — venues that have been closed during the coronavirus pandemic. Revenue tumbled 28 per cent in the Atlanta company's most recent quarter.
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Shares of Coca-Cola Co. are down about 13 per cent this year.
The initial round of offers will go to people working in the United States, Canada and Puerto Rico with the most-recent hire date of on or before September 1, 2017.
Expenses related to the severance programmes are expected to be between about USD 350 million to USD 550 million. (AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)