Coca-Cola Enterprises Inc., the world’s largest soft-drink distributor, will cut 3,500 jobs after posting its worst loss in at least 10 years on a $2.9 billion reduction in the value of its North American unit.

The fourth-quarter loss was $1.71 billion, or $3.59 a share, the Atlanta-based bottler said today in a statement. The job cuts, or about 4.8% of its workforce, will cost $300 million over the next two years.

The chief executive officer, John Brock, has struggled to halt soda declines in America as consumers switch to healthier drinks. The bottler raised prices in North America 3% during the quarter in response to higher costs for aluminum and sweetener. That caused volume to drop 2.5%, the worst in almost two years.

“They’re on a slow horse right now, and there’s no managing around it,” a partner at Ferguson Andrews Investment, Jay Ferguson, said.

Most of the cuts, part of a restructuring of the operations, will come from not filling open positions, spokeswoman Laura Asman said.