Coca-Cola Enterprises to Cut 2,000 Jobs
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Coca-Cola Enterprises, the world’s largest Coke bottler, said it is cutting 2,000 jobs--about 3% of its worldwide work force--to streamline its North American operations.
The company announced the move as it reported a 6.6% decline in second-quarter net income of $114 million, or 27 cents a share, missing analysts’ expectations by 2 cents. Revenue edged up 2% to $4.11 billion.
The bottler, which is 40%-owned by Coca-Cola Co., said weak pricing for Coke products contributed to its poor performance.
The job cuts will result in a charge of $60 million to $80 million in the second half of the year, but lead to savings of $80 million to $100 million next year, the company said.
Shares of Atlanta-based Coca-Cola Enterprises dropped $2.68, or 15%. to close at $15.05 on the Big Board.
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