The Coca-Cola Co to announce job cuts by early next year
Coca-Cola is targeting jobs in a cost-cutting programme
The Coca-Cola Co is to announce job cuts in the next few months as part of a fresh cost-cutting drive.
The US-based soft drinks maker, which announced this week it is targeting annual cost savings of US$3bn by 2019, confirmed the cuts to just-drinks today, but said it is too early to estimate the number of jobs lost. “All facets of our business are under review,” a Coca-Cola spokesperson said.
“Most of the changes” will be announced between now and early next year, the spokesperson added.
According to Stifel analyst, Mark Schwartzberg, who has met recently with Coca-Cola CEO Muhtar Kent and CFO Kathy Waller, the layoffs will be announced from next month, with "layoffs themselves" also starting next month.
Earlier this week, Coca-Cola announced a slide in nine-month net profits and sales.
Meanwhile, in February, Coca-Cola took a 10% stake in Keurig Green Mountain Co in an investment that included a ten-year agreement to use Coca-Cola branded beverages in Keurig Cold machines. Coca-Cola agreed in May to increase its stake to 16%.
Schwartzberg said Kent and Waller expect the Keurig Cold home carbonation platform to begin home testing in the first quarter of next year.
CORRECTION: This article originally stated that job cuts would be announced early next year instead of by early next year. We apologise for any confusion.
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