Boston, MA 01/30/2014 (wallstreetpr) – The Coca-Cola Company (NYSE:KO) is planning closure of four of its 11 bottling plants in Spain. But the move is already sparking outrage over possible loss of jobs. KO is scheduled to shut down operations in plants located in the Balearic Island, southeastern Alicante, northwestern Asturias and near Madrid. If the plan to close the plants is effected, more than 1,200 employees will be impacted. The concerned workers are now calling for dialogue to deal with the eminent redundancy. The Coca-Cola Company (NYSE:KO) has more than 6,200 employees in Spain. Plant shutdown and job cuts are the strategies that companies are using to deal with increasingly complex business environment where sales are declining while expenses soar.
Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) is working on a raft of changes in its board to ensure speedy turnaround. The company has announced plans to reduce the size of its board and to include directors with more global experience. The Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) recently suffered a major setback whereby it lost patent protection on one of its key products, thus exposing it to intense competition from generic medicines. However, the company has moved to boost its product portfolio by outbidding rival Endo Health Solutions to acquire NuPathe Inc for $144 million. TEVA lost patent protection on its drug Copaxone which was expected to remain in force until 2015. Copaxone generated about $4 billion in sales in 2012.
Electronic Arts Inc. (NASDAQ:EA) reported its Q3 earnings Tuesday whereby the videogame maker noted problems with its sales on old consoles. The company’s loss widened from a year ago as revenue fell and expenses remained an issue. Electronic Arts Inc. (NASDAQ:EA) realized loss of $308 million in Q3.14 against $45 million in Q3.13. Adjusted EPS was $1.26, up from $0.57 in the previous year, and above analysts’ estimate of $1.23. With reality fast sinking in that there is a tough battle ahead to shore up sales across various segments, the company has sought to adjust down its Q4 guidance.
