Labor & Economic News Blog

Wednesday, February 14, 2007

Coca-Cola to cut 3,500 jobs over 2 years

CCE to cut 3,500 jobs over 2 years
Coca-Cola Enterprises said Tuesday it will cut 3,500 jobs during the next two years, including 300 in metro Atlanta, as the company struggles with a fading taste for the great American soft drink. The exclamation point on that reality came in the form of a $2.9 billion one-time charge against the company's fourth-quarter profits. The reason for the noncash charge: Coca-Cola Enterprises says its North American franchise rights to bottle Coke products are less valuable now than they were a decade ago. That's mostly because the bottler's core product, carbonated soft drinks, is no longer growing in North America by 2 percent to 5 percent a year as it had for 20 years.

 



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