Coca-Cola (KO) - Get Report said today that it is laying off 421 people at its Atlanta headquarters, along with two other locations in the city on July 15.

The layoffs are in conjunction with the 1,200 job cuts then Coca-Cola President James Quincey announced just before he took over as the company's new CEO on May 1.

Coca-Cola intends to eliminate 1,200 jobs from the 5,500 corporate positions as part of Quincey's goals to restructure Coke's product line-up, bottling operations and other parts of the company to bolster revenue and profit growth.

Coca-Cola spokesman Kent Landers said the soda company has been notifying people of "ongoing" job cuts since May's announcement, and that a significant portion of the cuts will be at the company's headquarters.

The job cuts are expected to continue through late 2017 or into next year. 

What's Hot On TheStreet

Tesla still doesn't deserve its valuation: Tesla (TSLA) - Get Report fanboys have just gained their daily pound of flesh. The electric car company has reportedly reached a deal with officials in China to open a production facility in the world's biggest clean-energy car market. The deal would likely allow it to form a joint-venture with a China-based partner and avoid the 25% tariff applied to imported vehicles. The move would also substantially cut shipping and production costs when compared to Tesla's facility in Nevada, TheStreet's Martin Baccardax reports.

Tesla is now valued at an insane $61 billion...and counting.

What was this Kroger exec drinking: Maybe this Kroger (KR) - Get Report fella has been up too late studying the aftershocks of Amazon's (AMZN) - Get Report big deal for Whole Foods (WFM) . "I'm glad their stores are finally open," Kroger CFO Michael Schlotman said about German rival Lidl at Oppenheimer's Consumer Conference Wednesday. Schlotman said he is excited, in fact he feels "great about it," to finally start seeing if the preparations Kroger put in place to compete with Lidl will stand the heat. TheStreet's Lindsay Rittenhousewas all over this bizarre exchange.

Having your profit margins crushed by a ruthless German grocer shouldn't be exciting, Kroger.

Don't forget about Intel: Advanced Micro Devices (AMD) - Get Reportmay beat Intel Corp. (INTC) - Get Report to selling the fastest computer chip this year, but the technology giant is working on other projects that are pushing the limits.

From artificial intelligence to drones, Intel is working to connect everything to the internet to collect data that can be used to improve safety, efficiency and lifestyles. Whether it is helping athletes perform better or making cars autonomous, Intel's technology is working to transform multiple industries. Here's 11 cool projects Intel is working on that investors seem to have forgotten about.

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