On Friday, Coca-Cola (NYSE: KO) announced a workforce restructuring plan that will include voluntary job cuts.
On Friday, Coca-Cola (NYSE: KO) announced a workforce restructuring plan that will include voluntary job cuts. This restructuring plan follows the company’s efforts to streamline its drink portfolio to focus on larger and more popular brands. Coca-Cola estimates that its global severance program will cost the company $350 million to $550 million. In terms of operations, nine new divisions will replace 17 business units and will focus on scaling new products faster and eliminating the duplication of resources. Click here to read more.
AT & T has reportedly hired Goldman Sachs to oversee the process of selling half of its stake in DirecTV. AT&T is considering a sale because the rise of various digital platforms like Netflix, has led to a steady decline in the subscriber base of DirecTV. AT&T plans to sell half of its stake at $34 million while holding on to the remaining 50%, which would allow it to enjoy the benefits of DirecTV’s distribution network. Click here to read more.
Philips (NYSE: PHG), a medical equipment maker, cut its 2020 earnings outlook after the U.S. Department of Health cancelled a bulk order for 43,000 ventilators from the company. The U.S. apparently terminated the order after discovering that it had overpaid Philips by at least $500 million. Philips, however, denied any profiteering on ventilators. The company said it expects to deliver modest comparable sales growth with an adjusted earnings margin of around the level of 2019. Click here to read more.
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