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Coca-Cola is looking to save $1 billion (£600 billion) through its supply chain over the next two years.

The announcement came as part of the company’s full-year financial results which reported an 8.4 per cent decline in net income over the past year.

The drinks company revealed that it will save money through “global supply chain optimisation” and IT “standardisation”, which will be spent on media campaigns. The move is part of Coca-Cola’s productivity and reinvestment initiative.