PepsiCo is cutting hundreds of corporate jobs in North America.
Employees of its Chicago food and beverage businesses will be affected by the layoffs; citing a memo from the company and people with knowledge of the situation, in Plano, Texas, and Purchase, New York. Gatorade drinks, Frito-Lay snacks, and Quaker Oats foods are all part of PepsiCo’s portfolio.
The company’s beverage unit is expected to be hit harder by the cuts because the snacks unit has already reduced its workforce through a voluntary retirement program.
According to a regulatory filing, Pepsi had 309,000 employees worldwide as of December 25, with more than 40% of those positions in the United States.
After-sales increased as a result of higher prices, PepsiCo raised its full-year revenue forecast in October. In any case, a portion of its specialty units, including Frito-Lay North America, revealed contracting volume, a sign that purchasers were scaling back their eating to more readily deal with their spending plans.
As economic uncertainty puts pressure on their businesses, tech and media companies have been laying off employees in recent months to cut costs. Beyond Meat, Impossible Foods, and Coca-Cola, PepsiCo’s main competitor, have also laid off employees. Coke said in November that it would reorganize its North American business through buyouts and voluntary separation programs.