MNC announces Layoff of 'Thousands of Employees' as Part of Restructuring and Covid Impact - Details

Multinational beverage company Coca-Cola Co announced on August 28 announced that they will be cutting down half of the jobs and offer voluntary separation almost 4,000 workers including in the US. 

The company has announced that they will be operating nine units which will be divided under four geographical segments. It will also include global ventures and bottling investments divisions. Whereas on the other hand, the current model includes 17 business units. 

Reportedly, voluntary separation packages will also be offered to employees in Canada as well as Puerto Rico. The company is planning to have job cuts but haven’t provided details on the total planned workforce reduction. The firm estimates that it would incur about $350 million to $550 million in severance expenses.

“The Minute Maid and Fanta maker last month reported a 28 percent slump in sales in the "most challenging" quarter of the year due to coronavirus-triggered closures of restaurants, theaters and sports venues,” Moneycontrol reported.