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Food & Beverage

PepsiCo to cut 3,300 jobs as profit falls

October 15, 2008
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According to the Associated Press, PepsiCo Inc. 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. The job cuts amount to roughly 1.8 percent of PepsiCo''s global work force of about 185,000 employees, and will affect managerial and factory jobs both in and outside the U.S. The cuts will generate savings of $350 million to $400 million in 2009.

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