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PepsiCo to cut 8,700 jobs to “drive growth”

PepsiCo is to cut around 8,700 jobs as part of a wider strategy to cut costs and “drive growth” across the business.

The programme is expected to generate around US$1.5bn of incremental cost savings by 2014. The job cuts represents around 3% of theUSfood and drink giant’s global workforce.

The plans follow months of speculation about the future direction of PepsiCo. Analysts have agitated for the business to split in two to generate more value for the shareholders.

PepsiCo plans to increase spending on advertising, improve productivity and streamline its management.

The company is targeting high single-digit earnings growth for 2013 and beyond, after a transition year in2012, inwhich it expects earnings to fall 5%.

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