Coca-Cola Co joined a list of big US companies laying off thousands of workers after reporting a 28 percent slump in sales last month due to the effects of the pandemic.
The company was offering voluntary redundancy to 4,000 workers in the US, Canada, and Puerto Rico and would offer similar deals in other markets, while signaling that more layoffs were likely.
According to the company, the voluntary program is expected to cut the number of involuntary separations, adding that it would incur expenses of about $350 million to $550 million in global severance programs.
Coca-Cola also intends to halve the number of its operating units from the current 17 to nine under four geographical segments.
The company took a hit from closures of cinemas, restaurants, and bars where it usually sells heavily.
Shares in the company rose by about one percent in early trading.
Among US companies that would cut thousands of jobs were United Airlines Holdings Inc, which would reduce cut pilot jobs by about 21 percent due to a slump in air travel.
Oilfield services giant Schlumberger NV and Cosmetics maker Estee Lauder Cos Inc have in recent weeks announced plans to cut thousands of jobs.


Nikkei 225 Hits Record High Above 56,000 After Japan Election Boosts Market Confidence
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election
Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality
Indian Refiners Scale Back Russian Oil Imports as U.S.-India Trade Deal Advances
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns
Oil Prices Slip as U.S.-Iran Talks Ease Middle East Tensions
UK Starting Salaries See Strongest Growth in 18 Months as Hiring Sentiment Improves
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran
Asian Markets Surge as Japan Election, Fed Rate Cut Bets, and Tech Rally Lift Global Sentiment
Lee Seung-heon Signals Caution on Rate Hikes, Supports Higher Property Taxes to Cool Korea’s Housing Market
Japan Economy Poised for Q4 2025 Growth as Investment and Consumption Hold Firm
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out
Asian Currencies Stay Rangebound as Yen Firms on Intervention Talk 



