Coca-Cola cuts costs with 1,200 jobs axed as fizzy drinks sales fall

US drinks manufacturing giant, Coca-Cola has cut around 1,200 mainly corporate jobs due to a falling demand for its fizzy drink range, as sales dipped 1% in the three months to March 31.

North American and European consumers are increasingly turning away from sugary beverages, and Coca-Cola, as well as rival PepsiCo, saw a sales downturn.

Coca-Cola will implement the cuts in H2 2017, continuing into 2018, and the company aims to save around £2.9bn by 2019.

The firm will also make savings through the its supply chain, marketing efforts and changes to its operating model.

Coca-Cola, which employs 100k people, is expecting its full-year adjusted profits to drop by between 1% and 3%.