The coronavirus pandemic has hammered Coke's business, as sales at places like stadiums and movie theaters dried up due to lockdowns. Its revenue fell 9 per cent to USD 8.7 billion in the July-September period.
The downturn forced the company to accelerate a restructuring that was already underway.
"We've been challenging legacy ways of doing business and the pandemic helped us realize we could be bolder in our efforts," Coke Chairman and CEO James Quincey said during an earnings call in October.
Coke is reducing its brands by half to 200. It shed multiple slow-selling brands this year, including Tab, Zico coconut water, Diet Coke Fiesty Cherry and Odwalla juices.
The company said it will use the savings to invest in growing brands like Minute Maid and Simply juices and fund the launch of new products like Topo Chico Hard Seltzer, Coca-Cola Energy and Aha sparkling water.