The Coca-Cola Company made the decision Thursday to cut around 500 jobs in the Atlanta market, with further reductions expected in their other markets across the globe.
The beverage maker said in a statement "the Coca-Cola Company is on a journey to transform how it operates so we can emerge stronger from the pandemic and accelerate our growth. We are guided by our commitment to consumers, and we are in the process of building an organizational structure that will address their evolving needs and behaviors."
In total, the company will cut about 2,200 jobs globally, which includes 1,200 roles in the U.S., 500 of which will be out of the Atlanta market.
In their statement, Coca-Cola had five primary goals as part of their restructuring plan:
- Win more consumers
- Gain market share
- Strong system economics
- Strengthen stakeholder impact
- Equip the organization to win
The Coca-Cola Company says they are working to create a structure for sustained growth and streamlining of operations.
These workforce changes throughout the company are said to be via a combination of voluntary programs and involuntary reductions. The company expects severance program expenses to be between $350 million to $550 million.
The company said that these changes do not include employees of their bottlers.