Coke to cut 6,000 jobs

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Coca-Cola Co., Atlanta, Jan. 26 said it plans to cut 6,000 jobs as part of a restructuring aimed at improving profits and decentralizing its operations. The soft-drink giant estimated the cutbacks, which will include a 40% reduction of the positions at its headquarters, will save $300 million and enable the company to rely on local business units to react more quickly to conditions in individual markets. There was no word on whether marketing posts would be affected. Coca-Cola announced the cuts as it reported a $45 million loss, including onetime charges, for the fourth quarter, vs. a $597 million profit for the year-ago period. Revenue climbed 11% to $4.9 billion.

Copyright January 2000, Crain Communications Inc.

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