Business
PepsiCo to Lay Off Hundreds Of Workers: Report Says
(CTN NEWS) – According to people familiar with the matter and documents reviewed by The Wall Street Journal, PepsiCo Inc. is laying off workers at its North American snacks and beverages headquarters.
One person said hundreds of jobs would be eliminated. People familiar with the company’s operations said the cuts would affect North American beverages based in Purchase, N.Y.
Breaking: PepsiCo is laying off hundreds of workers at the headquarters of its North American snacks and beverages divisions, people familiar with the matter say https://t.co/vpStDYW2f2
— The Wall Street Journal (@WSJ) December 5, 2022
And North American snacks and packaged foods based in Chicago and Plano, Texas.
It told employees in a memo viewed by the Journal that the layoffs were intended “to simplify the company so it could operate more efficiently.”
Hundreds of jobs are being cut at PepsiCo headquarters, reported @WSJ last night. In a memo to staff viewed by WSJ, co told employees that layoffs were intended “to simplify the organization so we can operate more efficiently.”
— Beverage Insights (@BevInsights) December 6, 2022
As a result of a voluntary retirement program for the snacks unit, the cuts will be heavier in the beverage business.
PepsiCo makes Doritos, Lays potato chips, Quaker Oats, and its namesake cola.
PepsiCo employed approximately 309,000 people worldwide as of Dec. 25, including 129,000 in the United States.
Food and beverages sold in grocery stores have been in high demand despite rising prices. PepsiCo and other food companies have raised prices to offset higher ingredients, transportation, and labor costs.
Ticker | Security | Last | Change | Change% |
PEP | PEPSICO INC. | 182.16 | -0.96 | -0.52 |
In October, PepsiCo executives announced they were cutting costs to cope with worsening macroeconomic conditions and offset the pressure on profit margins.
Despite uncertain economic prospects, the U.S. labor market remains historically tight as employers compete for a limited pool of workers.
PepsiCo joins Walmart Inc. and Ford Motor Co. in trimming white-collar workers while keeping front-line staff. A slowdown in advertising has forced many techs and media companies to lay off workers.
Ticker | Security | Last | Change | Chande% |
WMT | WALMART INC. | 151.65 | -1.57 | -1.02 |
F | FORD MOTOR CO. | 13.38 | -0.48 | -3.46 |
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