PepsiCo to cut 8,700 jobs as part of restructuring
2/10/2012NEW YORK — Food and drinks maker PepsiCo announced a restructuring on Thursday that includes cutting 8,700 jobs globally and plowing money into advertising drinks such as Pepsi and Mountain Dew in North America.
Pepsi announced its cost-cutting plan as it reported better-than-expected fourth-quarter profit, but also forecast a decline in adjusted 2012 earnings. On the mixed news, the company’s shares fell nearly 4 percent.
Like many companies, Pepsi is facing higher costs for materials it uses to make, package, and transport its products, including sugar, corn, and aluminum.