PepsiCo Inc. announced today plans to cut 8,700 jobs and boost market spending for its brand by as much as $600 million.
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The increased spending will have a “particular focus” on North America, while the job cuts represent about 3 percent of PepsiCo’s global workforce.
CEO Indra Nooyi is looking to boost U.S. beverage sales and regain market share from Coca-Cola Co. . PepsiCo brought investors together in New York on Thursday to reveal a multi-year plan to boost earnings and restore confidence after two years of lowered profit targets.
In a separate report, PepsiCo announced fourth-quarter net income rose to $1.42 billion, or 89 cents a share, from $1.37 billion a year earlier. Excluding some items, profit was $1.15 a share.
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