Wellesenterprises/Dreamstime
Coca Cola World Headdquarters Wellesenterprises Dreamstime

Coca-Cola to Cut 2,200 Jobs Globally

Dec. 18, 2020
The beverage giant cited the impact of the COVID-19 pandemic in applying the cuts.

Coca-Cola said Thursday it will cut 2,200 jobs as part of a restructuring as it prepares for a better post-pandemic market in 2021 following this year's sales hit.

The downsizing, the latest by a large US company amid the pandemic, will impact about 2.6% of Coca-Cola's global workforce and will eliminate 1,200 US jobs, a company spokesman said.

The soda giant established a voluntary separation program but "some level of involuntary reductions" also will be needed, the spokesman said.

"Our transformational work was well underway prior to the pandemic," he said. "The pandemic was not a cause for these changes, but it has been a catalyst for the company to move faster."

The move follows Coca-Cola's August announcement of plans to streamline operations, slimming down to nine units from 17 as it shuffles staff in an effort to promote its most promising brands. 

The company expects $350 million to $550 million in expenses tied to global severance programs.

Coca-Cola reported a 33% drop in third-quarter profits to $1.7 billion following a nine percent decline in revenues to $8.7 billion.

Other large US companies also have announced sizable job cuts in recent weeks including insurer Allstate, oil giant ExxonMobil, American Airlines and United Airlines.

Popular Sponsored Recommendations

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Machine Learning and Predictive Analytics Guidebook for Engineers

Sept. 27, 2023
Leverage Domain Expertise to Drive Optimization – Without Needing a Data Scientist.

The Manufacturer's Guide to Modernizing Commercial Operations

Sept. 12, 2023
In this guide, learn how a modern approach to commercial operations can help your manufacturing business integrate sales and revenue management to elevate seller productivity ...

Digitally Transforming Data and Processes With Product Lifecycle Management

Oct. 29, 2023
Manufacturers face increasing challenges in product development as they strive to consistently deliver improved results. Discover how industry leaders are improving time-to-market...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!