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COVID-19 impact | Coca-Cola to cut jobs in restructuring

The company said it would incur about $350 million to $550 million in severance expenses.

August 28, 2020 / 09:42 PM IST

Coca-Cola Co on August 28 said it would nearly halve its operating units and offer voluntary separation to 4,000 workers including in the United States, as the world's largest beverage maker battles a hit to sales from the COVID-19 pandemic.

The company said it would have nine operating units that would sit under four geographical segments, along with global ventures and bottling investments divisions, compared with its current model that includes 17 business units.

The voluntary separation packages would also be offered to employees in Canada and Puerto Rico. The company will also cut jobs, but did not provide details on the total planned workforce reduction.

The company said it would incur about $350 million to $550 million in severance expenses.

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COVID-19 Vaccine

Frequently Asked Questions

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How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

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The Minute Maid and Fanta maker last month reported a 28 percent slump in sales in the "most challenging" quarter of the year due to coronavirus-triggered closures of restaurants, theaters and sports venues.
Reuters
first published: Aug 28, 2020 05:42 pm

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