Femsa to lay off 2,000 Venezuela workers amid crisis: union [Reuters]
Coca-Cola Company (The) (KO)
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Source: Reuters
Femsa to lay off 2,000 Venezuela workers amid crisis: union | Reuters 3 Min Read VALENCIA, Venezuela (Reuters) - Coca Cola Femsa is preparing to lay off 2,000 of the 4,800 total workers at its Venezuela soft drink operations due to falling demand in the crisis-stricken country, a union leader said, while the company acknowledged it was “revising” output. The move makes Femsa, one of the largest soft drink bottlers in the world, the latest multinational to downsize in the OPEC country, where a fifth year of recession and hyperinflation topping 400,000 percent annually have dented consumer demand and prompted nearly 2 million Venezuelans to migrate since 2015. “The company has said that it needs to reduce headcount and suspend some benefits,” said Daniel Montilla, secretary of the union representing workers at the Femsa plant in the industrial city of Valencia, where Femsa plans to lay off 300 workers. Last week, Femsa representatives and Venezuelan labor ministry officials visited the
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