Coca Cola Bottlers Japan : Notice for the recording of other expenses (Non-recurring) in conjunction with the implementation of voluntary retirement
October 05, 2020 at 08:15 am
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October 5, 2020
To whom it may concern,
Company name
Coca-Cola Bottlers Japan Holdings Inc.
Representative
Representative
Calin Dragan
Director & President
(Code No. 2579, First Section of the Tokyo Stock Exchange)
For inquiries
Executive Officer
Raymond Shelton
Head of IR &
Corporate
Communications
(Tel.(03) 6896-1707)
Notice for the recording of Other expenses (Non-recurring) in conjunction with the implementation of voluntary retirement
We are currently in the process of fundamental business transformation to return to a growth trajectory in line with our mid-term business plan we announced in August 2019 for the period up to 2024. We regard the beginning year of the plan, 2020, as the year of reset and transformation and place priority on the restructuring of cost structure and corporate culture and also focus on customer-oriented investments for growth, while further accelerating the transformation to respond to the rapidly changing business environment.
As part of these efforts, we have been implementing various organizational transformation. We have recently carried out organizational transformation of commercial organization and vending business operations as well as streamlining indirect functions, and implemented a voluntary retirement as below to offer career options for our employees.
The costs and expenses that will arise from these voluntary retirement are expected to be recorded cumulatively in an amount of 7.6 billion yen as the "Special retirement bonus and re-employment support cost" in the "Other expenses (Non-recurring)" for the year-to-date third quarter results of the fiscal year ending December 2020.
1. Overview of Voluntary Retirement
Applicable employees: Our group companies' permanent employees who have served for over one year and are subject to transfer due to the organizational changes, etc.
Expected number of applicable employees: Approx. 900
Date of retirement: By the end of December 2020
Preferential treatment: Additional amount to the regular retirement bonus, and re-employment support via agencies
2. Future outlook
These expenses are included in the full-year 2020forecast announced separately today, as "Announcement of Updated Full-Year 2020 Earnings Forecast".
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Coca-Cola Bottlers Japan Inc. published this content on 05 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 October 2020 07:14:03 UTC
Coca-Cola Bottlers Japan Holdings Inc is a Japan-based company mainly engaged in the beverage business. The Company operates in two business segments. The Beverages segment is engaged in the purchasing, manufacture, sale, bottling, packaging, distribution and marketing of carbonated drinks such as coca and cola, coffee and tea beverages, and mineral water in Japan, as well as vending machine related business, real estate business, insurance agency, the procurement of raw materials and materials, the development and maintenance of information systems. The Healthcare and Skincare segment is engaged in the manufacture and sale of green juice made from kale, health foods and cosmetics and related products, as well as investment business.