Coca Cola Decides to Remove 1800 Employees Across the Globe

The beverage consumption was considerably reduced especially in the United States for quite sometime.

Published: 09th January 2015 09:39 AM  |   Last Updated: 09th January 2015 09:49 AM   |  A+A-

Coca-Cola
By IANS

NEW YORK: Coca-Cola has announced plans to lay off about 1,800 employees globally, in an effort to cut costs by roughly $3 billion.

The beverage giant, based in the city of Atlanta in the US, said in a statement Thursday that it has begun notifying the first employees and that the process will be completed in the coming months.

"We have committed that we will ensure fair, equitable and compassionate treatment of our people throughout this process," the company, which has some 130,000 employees worldwide, added.

Coca-Cola, which has been hit by declining consumption of carbonated beverages in the US, said in October that it planned to cut costs by $3 billion through 2019.

The company posted net income of around $6.3 billion for the first nine months of last year, down 7.5 percent from the same period in 2013, while net operating revenues fell nearly 2 percent to $35.1 billion.

Coca-Cola's shares, which have climbed more than 8 percent over the past 12 months, were up around 0.8 percent Thursday in afternoon trading on the New York Stock Exchange.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp