Coca-Cola latest company to be affected by the pandemic

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The Coronavirus pandemic has led to Coca-Cola having to cut over 2,000 workers from its organization worldwide.

This is the latest in a string of disappointing news to the drink maker as many venues have been forced to close due to falling revenues.

A spokesperson said the job cuts will result in annual savings of between $350million and $550 million.

The bulk of the layoffs will be in the US, where it will shed 1,200 jobs.

At the end of 2019, Coca-Cola had around 86,000 employees but faces pressure on its revenues, which have been hammered by the pandemic.

The majority of sales by Coca-Cola are consumed by venues, which have had to adhere to social restrictions.

These include restaurants, sports stadiums, cinemas, schools and bars.

The crisis will result in a slimming down of its portfolio.

The move will see the global drinks giant slash its 430 master brands by more than half to 200, to focus on products that are growing and can achieve a large scale.

The Atlanta-based company reported revenue of $8.65bn (£6.4bn) for its latest quarter results, a decline of 9% from a year earlier.

The job losses do not affect employees at its bottling plants, most of which are independent.

These bottling operations employ hundreds of thousands of people around the globe.