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Soft-drink maker’s net income rises 35 percent

Thursday, Sept. 30, 2004 | 9:07 a.m.

PepsiCo Inc., the world's No. 2 soft-drink maker, said today that third-quarter earnings increased 35 percent, boosted by sales in Asia and lower taxes. The Frito-Lay unit will close four plants, shedding 780 U.S. jobs, as part of an efficiency program.

Net income increased to $1.36 billion, or 79 cents a share, including a 13 cents tax gain, Purchase, New York-based PepsiCo said in a statement. Sales for the maker of Frito-Lay chips rose 6.3 percent to $7.26 billion, the slowest pace in more than a year.

Chief Executive Steve Reinemund, 56, is using savings from cost cuts to expand distribution in China and India and boost marketing of lower-fat snacks to attract health-conscious consumers in the United States. The advertising helped PepsiCo boost sales at a faster rate than rival Coca-Cola Co.

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