Coca-Cola plans $1B in cost cuts as profit falls

Fourth-quarter net income for Atlanta-based Coca-Cola Co. dropped 8.4 percent to $1.71 billion from $1.87 billion. Bloomberg reports sales fell 3.6 percent to $11 billion in the period.

The company plans to cut $1 billion in annual costs by 2016 by reducing supply and data-management expenses.

Bloomberg reports Coca-Cola plans to put the funds toward overhauling marketing methods to battle slowing soft-drink sales in the U.S. and Mexico.

Coca-Cola agreed earlier this month to buy a 10 percent stake in Green Mountain Coffee Roasters Inc. for about $1.25 billion and to work with the maker of Keurig coffee brewers to introduce a system for producing single-serve cold drinks.

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