Atlanta-based Coca-Cola’s sales declined in the first quarter as it restructured its business, and the world’s biggest beverage maker said it will trim 1,200 jobs starting later this year as it deepens its cost cutting.
The maker of Fanta, Sprite and Smartwater has about 100,300 employees worldwide, according to FactSet, meaning the job cuts would represent about 1 percent of its workforce. Coca-Cola said the cuts would help it find another $800 million in annualized savings, in addition to the $3 billion it previously said it is trimming. Most those savings are expected to be realized in 2018 and 2019, the company said.
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