By Yasin Ebrahim
Investing.com -- PepsiCo Inc (NASDAQ:PEP) reportedly is set to lay off hundreds of workers at North American snacks and beverages divisions, the Wall Street Journal reported Monday, citing unnamed sources.
PepsiCo was up about 0.5% following the news.
The job cuts are part of a move “to simplify the organization so we can operate more efficiently,” Pepsi told employees in a memo that was viewed by the Journal.
The firm's beverage business will bear the brunt of the cuts as the snacks business has already trimmed positions via a voluntary retirement program, the people said, according to the report.