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Coca-Cola Job Cuts: 12 Things to Know About the KO Restructuring Plan

Coca-Cola (NYSE:KO) job cuts are on the way as the company prepares its restructuring plan.

Image of a red Coca-Cola (KO) truck on a city street
Source: Soloviov Vadym / Shutterstock.com

Here’s what to know about the job cuts and restructuring plan Coca-Cola is pursuing.

  • Starting off, the company notes it will be streamlining its business with nine operation facilities.
  • This will have the company reducing its total operating units from the current 17.
  • To go along with this, its shifting focus to new efforts, such as its Beverages for Life strategy.
  • With these types of changes going into effect, Coca-Cola says that job cuts are on the way.
  • That begins with it focusing on voluntary reductions in its workforce.
  • This includes it offering 4,000 separation packages to eligible employees.
  • These packages are for workers in the United States, Canada and Puerto Rico who were hired on or before Sept. 1, 2017.
  • It will also be offering a similar package to international employees in many different countries.
  • KO notes that it expects this offering to reduce the number of involuntary job cuts it has to make.
  • However, the company still says that it will have to involuntarily layoff some employees as part of the restructuring plan.
  • The company’s separation package program launches today but it doesn’t say when the involuntary job cuts will take place.
  • In total, Coca-Cola is expecting the job cuts to cost it between $350 million to $550 million in severance expenses.

KO stock was up 2.8% as of Friday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/08/coca-cola-job-cuts-things-to-know/.

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