US-based coffee-producing company Keurig Green Mountain has announced that it will slash around 330 jobs or around 5% of its total workforce as an effort to reduce costs.

The company stated that it aims to reduce its spending by $300m over the next three years by cutting jobs and increasing its efficiency. It announced its revenue had gone down by 5% in the third quarter to $970m because of a fall in brewer and pod sales.

Apart from the job cuts, the company’s board also approved the repurchase of up to $1bn in stock over the next two years that would be sponsored by cash on hand, cash from operations and funds available through existing credit facility.

Through the implementation of the productivity program that includes the job cuts, the company expects to achieve result in cumulative pre-tax charges of $30-$35m, starting with an approximately $26m charge in the fourth quarter of 2015. The company added that around $20m of the total anticipated initial charge will be cash expenditures.

Keurig president and CEO Brian Kelley said: "We are taking decisive actions to adapt and compete more effectively in today’s rapidly-evolving, dynamic marketplace.

"We are implementing a multi-year productivity program that we are confident will enhance our operational effectiveness and enable us to fund incremental investment in innovation and brand building."

While the brewer and accessory net sales decreased by 26%, with 1.36 million Keurig system brewers sold in the quarter, sale of pods went down by 1%. Net sales of other products decreased by 12%.