Coca-Cola to cull 1,200 of global workforce in drive to increase cost savings

Oliver Gill
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Coca-Cola has been hit by a consumer trend away from sugary drinks (Source: Getty)

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.

Read more: Private equity-backed vehicle firm to buy Coca-Cola truck provider

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.

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