NEW YORK -- Coca-Cola said Thursday it will cut 2,200 jobs as part of a restructuring as it prepares for a better post-pandemic market in 2021 following this year's sales hit.
The downsizing, the latest by a large U.S. company during the pandemic, will impact about 2.6% of Coca-Cola's global workforce and will eliminate 1,200 U.S. jobs, a company spokesman said.
The soda giant established a voluntary separation program but "some level of involuntary reductions" also will be needed, the spokesman said.
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"Our transformational work was well underway prior to the pandemic," he said. "The pandemic was not a cause for these changes, but it has been a catalyst for the company to move faster."
The move follows Coca-Cola's August announcement of plans to streamline operations, slimming down to nine units from 17 as it shuffles staff in an effort to promote its most promising brands.
The company expects $350 million to $550 million in expenses tied to global severance programs.
Coca-Cola reported a 33% drop in third-quarter profits to $1.7 billion following a nine percent decline in revenues to $8.7 billion.
Other large U.S. companies also have announced sizable job cuts in recent weeks including insurer Allstate, oil giant ExxonMobil, American Airlines and United Airlines.
