Coca-Cola has revealed plans to cut up to 1,200 jobs as part of an operational restructuring programme to make $3.8bn (£3bn) of annual savings by 2019.
The Atlanta-based company said today it was increasing its cost-cutting target by $800m in annualised savings and now expects to save $3.8bn by 2019. The majority of the additional savings would come from the job reductions, incoming chief executive James Quincey said.
Both Coca-Cola and its fierce rival Pepsi have been hit by a trend across North America and Europe for consumers to shy away from drinks with a high sugar content.
Global sales of Coca-Cola's fizzy drinks fell by one per cent for the first three months of 2017.
Investors appeared largely unperturbed by the news with shares broadly flat in trading.