Pepsico will cut 8,700 jobs in cost-cutting move; 4th-quarter net income rises
NEW YORK (AP) -- PepsiCo is trying to put some fizz back into its business. The food and drinks maker announced a restructuring on Thursday that includes cutting 8,700 jobs globally and plowing money into advertising drinks like Pepsi and Mountain Dew in North America.
Pepsi announced its cost-cutting plan Thursday as it reported better-than-expected fourth-quarter profit, but also forecast a decline in adjusted 2012 earnings. On the mixed news, the company's shares fell nearly 4 percent.
In a media briefing, CEO Indra Nooyi said 2012 will be a "transitional year" as economic uncertainty persists.
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