PepsiCo Inc is cutting jobs and closing factories to give it some breathing space to navigate the crisis ridden global economy.
The maker of Pepsi-Cola, Doritos and Sun Chips, is planning to eliminate 3,300 jobs and shut down six plants in an effort to save $1.2bn over the next three years. It plans to use the savings primarily to revive lagging US soft drink sales.
On the other hand, Coca-Cola Co, the biggest US drink maker, reported a 14 per cent profit increase for the third quarter, as business in emerging markets offset US weakness.
The company posted earnings of USD 1.89 billion, or 81 cents per share, in the quarter ended Sept 26. That compares with USD 1.65 billion, or 71 cents per share, in the last year for the same period. Excluding certain charges, earnings per share were 83 cents.