PepsiCo to cut 3,300 jobs as profit falls 10 pct
PepsiCo Inc. is cutting jobs and closing factories to give it some
"breathing room" to navigate the volatility that has permeated all
corners of the global economy.
The maker of Pepsi-Cola, Doritos
and Sun Chips said Tuesday it plans to eliminate 3,300 jobs and shutter
six plants in an effort to save $1.2 billion over three years. It plans
to use the savings primarily to revive lagging U.S. soft drink sales.
The
announcement came as the global snacks and drinks company reported a
9.5 percent drop in third-quarter profit, missing Wall Street
expectations. PepsiCo also issued a downbeat profit outlook for the
fourth quarter and full year.