Coca-Cola cuts up to 1,800 jobs

Coca-Cola cuts up to 1,800 jobs

Disappointing sales have prompted Coca-Cola to cut somewhere between 1,600 and 1,800 jobs. The majority of redundancies will be at its Atlanta main office, although foreign branches (including one Belgian plant) will not be spared.

Coca-Cola cuts costs

The lay-offs are part of CEO Muhtar Kent's plan to save up to 3 billion dollars by 2019, a number he had already forecast when Coca-Cola's third quarter results were below expectations. Its turnover has dropped to 11.98 billion dollars (10.1 billion euro), where it had managed 12.03 billion dollars (10.2 billion euro) last year.

 

The company's net profit dropped from 2.4 billion dollars (2 billion euro) to 2.1 billion euro (1.8 billion euro). An increased focus on healthy food in the United States has impacted profits quite a bit. Most of the terminated jobs are at Coca-Cola's main office in Atlanta, but several foreign offices will also be hit. Currently,Coca-Cola employs 130,600 people worldwide.

 

Chaudfontaine logistics unit dismantled

The company's focus on more efficiency will also impact Belgian Coca-Cola units: the logistics unit in Chaudfontaine, which is used to bottle the Chaudfontaine water, will be dismantled and moved to its distribution centers in Charleroi, Heppignies and Hasselt. Five people may lose their jobs according to labour unions, but everyone else can move to the aforementioned locations.

Questions or comments? Please feel free to contact the editors


Arket Brussels opens: discover H&M's latest concept

14/09/2017

On Friday 15 September, H&M Group’s new store formula opens its doors on the Guldenvlieslaan in Brussels. The press got a sneak preview and discovered a surprising mixture of fashion, interior design and food. 

Nordstrom opens store without storage

13/09/2017

American fashion chain Nordstrom is to trial a new store formula in Los Angeles next month, in which customers will only be able to get advice and try out clothing. Purchases can be picked up at the store at a later date.

Primark benefits from weaker British economy

12/09/2017

Irish fashion chain Primark takes full advantage of the weak British economy, which prompted its parent company AB Foods to adjust its full-year forecast. The chain will also continue its expansion plans.

Participatiemaatschappij Vlaanderen invests in FNG

11/09/2017

Government investment fund Participatiemaatschappij Vlaanderen (PMV) will invest 15 million euro in fashion group FNG in return for 5 % of its shares. The money will go towards international expansion.

Gap Inc will focus on Old Navy and Athleta

08/09/2017

American fashion company Gap will alter its internal strategy and turn its attention to Old Navy and Athleta. Gap and Banana Republic, which both received the most attention up until now, will have to step aside.

Global Fashion Group cuts losses

08/09/2017

Global Fashion Group, the fashion group founded by investment group Kinnevik and Rocket Internet, managed to lower its losses even more in the second quarter. On top of that, turnover grew more than 25 %.

Back to top