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Pepsi cuts jobs, boosts marketing chasing Coke


Pepsi cuts jobs, boosts marketing chasing Coke


PepsiCo says it expects to cut 8,700 jobs over the next three years.

That is part of a plan to save the equivalent of an extra 1.1 billion euros.

As it reported better-than-expected quarterly profit PepsiCo said earnings this year would be down as it spends more on advertising and marketing, particularly trying to improve performance in North America, where it lags arch-rival Coca-Cola.

It forecast a five percent decline in 2012 earnings on an advertising and marketing spend increases of up to $600 million (450 million euros).

The investment will be focused on 12 brands, including Pepsi-Cola, Lay’s, Gatorade, Tropicana, Doritos and 7-UP.

Its shares fell.

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