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Coca-Cola says it will offer buyouts to 4,000 employees, says more layoffs could be coming

Coca-Cola says it will offer buyouts to 4,000 employees, says more layoffs could be coming
Posted at 8:39 AM, Aug 28, 2020
and last updated 2020-08-28 13:20:59-04

Coca-Cola said Friday that it would offer buyouts to 4,000 employees as part of corporate restructuring and said that layoffs could be coming in the future.

According to a press release, the buyouts will be offered to employees in the U.S., Canada and Puerto Rico with a hire date "on or before" Sept. 1, 2017. The company said the "voluntary program" would reduce the number of layoffs.

According to Coca-Cola's statement, the company's current operating model consists of "17 business units" that will be consolidated into "nine operating units."

Following the announcement, Coca-Cola's stock price rose nearly a point in early trading, an increase of just under 2%.

According to WSB-TV, Coca-Cola has more than 86,000 employees nationwide. The Associated Press reports that company revenue fell 28% in the second quarter due to the effects from the pandemic, but executives are confident in recovery.