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November 30, 2009

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Food giant cutting costs

Tuesday, Dec. 2, 2003 | 9:25 a.m.

PURCHASE, N.Y. -- PepsiCo Inc., the world's second-largest soft-drink maker, today said it will fire 750 workers and close a Frito-Lay snacks plant in Kentucky to lower costs in North America.

The firings will reduce earnings by 6 cents a share in the fourth quarter, PepsiCo, which has about 142,000 workers, said in a statement. Including the costs, earnings per share will be $2 to $2.01 for this year, PepsiCo said.

The company also said it will begin treating stock options as an expense this quarter, which will reduce annual earnings by 20 cents a share. More compensation will be shifted to stock, PepsiCo said.

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