The Coca-Cola distribution centre in Swan Valley, Northampton, has been earmarked for closure.
Up to 288 jobs may be lost if a plan to shut the factory in Milton Keynes and the site in Northampton goes ahead.
Coca-Cola says it would be more efficient to move the work to other sites around the country.
A spokesman said: “We know today’s news will be upsetting for our people at these sites, and our immediate priority is to support them throughout the consultation process.
“We are proud of our long standing links with both towns and have not made these proposals lightly. However, we believe the proposed changes are necessary as they would provide significant productivity improvements and create greater efficiency across our manufacturing and distribution operations in Great Britain.“
The restructuring would create 121 new roles in other parts of Coca-Colas business.