Coca-Cola's sales declined in the first quarter as it restructured its business, and the world's biggest beverage maker said it will cut 1,200 jobs starting later this year as it deepens its cost-cutting.
The maker of Fanta, Sprite and Smartwater said the job cuts will come from its corporate staff around the world. That would represent about a 22 percent reduction of its corporate staff of about 5,500, or a 1 percent reduction in its total workforce of 100,300 employees, according to FactSet.
Coca-Cola Co. said the cuts would help it find another $800 million in annualized savings, in addition to the $3 billion the company previously said it is trimming. Most those savings are expected
to be realized in 2018 and 2019, it said. The cuts are part of a comprehensive review and won’t be concentrated in any one place, the company said.
The company has also been reshaping its business by selling back its bottling and distribution operations to independent bottlers. That means Coke is becoming more focused on selling concentrates to bottlers and marketing for its brands as its No. 2 executive, James Quincey, prepares to officially take over as CEO next week.