Coca-Cola to cut up to 1,800 jobs globally

Empty Coca Cola Can

Coca-Cola said Thursday it plans to layoff about 1,600 to 1,800 employees globally in the next few months. The move is a part of the beverage giant's effort to cut $3 billion in costs, which was announced in October.

Shares for Coca-Cola rose nearly 1 percent in late morning trading after word of the move surfaced.

The job cuts stem from its initiative to redesign its operating model to "streamline and simplify our structure," the company said in a statement to CNBC.

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The world' largest soft drink company employs about 130,000 workers worldwide. The company has already started informing affected workers from its Atlanta corporate offices, its U.S. operations and international offices.

"We have committed that we will ensure fair, equitable and compassionate treatment of our people throughout the process," Coke said.

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