PepsiCo to cut more than 3000 jobs

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Canada, Nov 19: On Tuesday, Nov 18 the Pepsi Bottling Group Inc announced its restructuring plans of eliminating more than 3,150 jobs. It also decided to cut the forecast for full-year earnings due to weaker foreign currencies. As per PepsiCo the restructuring plan would yield around $150 million to $160 million in annualised pre-tax savings.

Sources say the company is planning to streamline its selling, service organisation and supply chain infrastructure. This move will affect about 750 jobs. Plan to close down Mexico plants and distribution centre will cut more that 2,200 jobs there. Company also said that same plan will be followed in Europe which will cut about 200 jobs there.

PepsiCo is now expecting earnings per share of $2.20 to $2.26 for the full year against its previous view of $2.32 to $2.38 as a result of changes in foreign currency rates.

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