Coca-Cola Company said on Friday it would nearly halve its operating units and offer voluntary separation to 4,000 workers including in the United States, as the world’s largest beverage maker battles a hit to sales from the Covid-19 pandemic.
The company said it would have nine operating units that would sit under four geographical segments, along with global ventures and bottling investments divisions, compared with its current model that includes 17 business units.
The voluntary separation packages would also be offered to employees in Canada and Puerto Rico. The company will also cut jobs, but did not provide details on the total planned workforce reduction.
The company said it would incur about $350 million to $550 million in severance expenses.
The Minute Maid and Fanta maker last month reported a 28% slump in sales in the “most challenging” quarter of the year due to coronavirus-triggered closures of restaurants, theaters and sports venues.
Latest Stories
-
Paris 2024: Opening ceremony showcases grandiose celebration of French culture and diversity
3 hours -
How decline of Indian vultures led to 500,000 human deaths
4 hours -
Paris 2024: Ghana rocks ‘fabulous fugu’ at olympics opening ceremony
4 hours -
Trust Hospital faces financial strain with rising debt levels – Auditor-General’s report
4 hours -
Electrochem lease: Allocate portions of land to Songor people – Resident demand
5 hours -
82 widows receive financial aid from Chayil Foundation
5 hours -
The silent struggles: Female journalists grapple with Ghana’s high cost of living
5 hours -
BoG yet to make any payment to Service Ghana Auto Group
5 hours -
‘Crushed Young’: The Multimedia Group, JL Properties surprise accident victim’s family with fully-furnished apartment
6 hours -
Asante Kotoko needs structure that would outlive any administration – Opoku Nti
6 hours -
JoyNews exposé on Customs officials demanding bribes airs on July 29
7 hours -
JoyNews Impact Maker Awardee ships first consignment of honey from Kwahu Afram Plains
8 hours -
Joint committee under fire over report on salt mining lease granted Electrochem
8 hours -
Life Lounge with Edem Knight-Tay: Don’t be beaten the third time
8 hours -
Pro-NPP group launched to help ‘Break the 8’
8 hours