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Wednesday, October 15, 2008

Pepsi cuts jobs as profits slide

BREAKING NEWS

PespsiCo is to axe 3,300 jobs as part of a cost-cutting plan announced after its profits lost their fizz amid lagging soft drinks sales in the US.

The firm, whose brands also include Walkers crisps, Quaker oats and Copella fruit juice is looking to save $1.2bn (£681m) over three years.

The company saw third-quarter pre-tax profits fall 9.5% to $1.6bn - below what analysts had forecast.

Overall group sales rose to $11.2bn from $10.2bn.

The job losses at the firm, which will be made globally, represents just under 2% of the firm's employees.