Coca-Cola offering buyouts to about 4,000 workers
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.
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Photo by Taras Chernus on Unsplash
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% in the Atlanta company's most recent quarter.
Shares of Coca-Cola Co. are down about 13% 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 Sept. 1, 2017.
Expenses related to the severance programs are expected to be between about $350 million to $550 million. (dpa)
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