Coca-Cola is planning to cut 2,200 jobs as a part of its workforce restructuring plan. The job cuts will be global, but the job cuts in the United States will reduce its workforce by 12%.
The reason for the restructuring plan is due to the pressure caused by the global coronavirus pandemic. The beverage company has seen its revenue drop by 9% in the third quarter of 2020.
Coca-Cola plans to spend around $350 million to $550 million on severance costs due to the layoffs.