Coca-Cola said Friday that it would offer buyouts to 4,000 employees as part of corporate restructuring and said that layoffs could be coming in the future.
According to a press release, the buyouts will be offered to employees in the U.S., Canada and Puerto Rico with a hire date "on or before" Sept. 1, 2017. The company said the "voluntary program" would reduce the number of layoffs.
According to Coca-Cola's statement, the company's current operating model consists of "17 business units" that will be consolidated into "nine operating units."
Following the announcement, Coca-Cola's stock price rose nearly a point in early trading, an increase of just under 2%.
According to WSB-TV, Coca-Cola has more than 86,000 employees nationwide. The Associated Press reports that company revenue fell 28% in the second quarter due to the effects from the pandemic, but executives are confident in recovery.