April 25, 2017 / 2:31 PM / 3 months ago

BRIEF-Coca-Cola COO - To reduce about 1,200 job reductions beginning in second half of 2017

2 Min Read

April 25 (Reuters) - Coca-Cola Co

* COO on conf call- saw improved Q1 performance in China, in part driven by a strong chinese new year campaign; India performance improved

* COO on conf call- consumer demand challenges in Brazil and Venezuela, in particular, continue to pressure performance

* COO on conf call- expect actions we are taking to return Brazil business to growth by end of the year

* COO - on April 1, swapped southwest operating unit, comprised principally of Texas, for 20 percent stake in continental beverage business

* COO - as we create a more focused, lean corporate center, expect to result in about 1,200 job reductions beginning in second half of 2017 and carrying into 2018

* COO - post refranchising, we're going to go from well over 100,000 employees to under 40,000 employees by some point next year

* Due to strengthening of several currencies, including Mexican peso, expect a 3-point currency headwind on profit before tax, which is at low end of previous forecast range

* COO - majority of the additional $800 million savings would come from the corporate job reductions

* COO - intent is to reinvest the half of the $800 million savings in some of the newer categories or some of the other categories to drive growth Further company coverage:

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