Coca-Cola offers buyouts to 4,000 US workers, plans to streamline operation

Coca-Cola is offering voluntary buyouts to about 4,000 people to reduce the number of layoffs it says will take place as it streamlines operations.

Coca-Cola is reducing the number of its individual business segments from 17 to nine, which it said Friday will result in voluntary and involuntary staff cuts.

The streamlining is taking place during a rough stretch for Coca-Cola and almost all companies that cater to social events.

Half of Coca-Cola's sales come from stadiums, movie theaters and other places where people gather in large numbers venues that have been closed during the coronavirus pandemic. Revenue tumbled 28