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Coca-Cola to cut 2,200 jobs

Coca-Cola Co. said it is cutting 2,200 jobs globally, including 1,200 in the U.S., as the coronavirus pandemic accelerates the soda giant’s restructuring efforts.

The Atlanta company
KO,
+0.59%

 , which had about 86,000 employees at the start of the year, has been trimming expenses and products amid the closures of restaurants, bars, movie theaters and sports stadiums that sell its drinks around the world.

The reductions amount to roughly 12% of the company’s U.S. workforce. Coke will make the job cuts through a combination of buyouts and layoffs, a spokesman said. In August, it offered voluntary-separation packages to about 4,000 employees in the U.S. and Canada. The company didn’t say how many people participated.

Coke expects the job cuts to result in annual savings of between $350 million and $550 million, the spokesman said. The latest cuts include about 500 jobs in the Atlanta metro area, where the company is based. Coke this year also said it would slash its 430 master brands by about half, to 200, narrowing its beverage portfolio to products that are growing and can achieve a large scale. It is retiring its Tab soda and Zico coconut water brands, and earlier this year closed its Odwalla juice and smoothie business.

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And expanded version of this report appears at WSJ.com.

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