The Coca-Cola Company is cutting its portfolio in half, kicking at least 200 beverage brands to the curb by end of year.
The money-saving move will allow Coke to focus on its most profitable products so that it may “emerge stronger from the pandemic,” the company said in a news release Thursday.
The news comes nearly a week after the beverage giant announced it would discontinue its once popular sugar-free soft drink Tab after more than 60 years on shelves across the world. Other “underperforming” brands on the way out include Odwalla, ZICO coconut water, Diet Coke Feisty Cherry and regional offerings like Northern Neck Ginger Ale, the company said.
Popular “hydration” brands including Powerade and Dasani could also see cuts, Coca Cola’s chairman and CEO James Quincey told CNN.
“Throughout this year’s crisis, our system has remained focused on its beverages for life strategy,” Quincey said in a statement. “We are accelerating our transformation that was already underway, shaping our company to recover faster than the broader economic recovery. While many challenges still lie ahead, our progress in the quarter gives me confidence we are on the right path”.
Read more: yahoo