PepsiCo (NYSE:PEP) has announced 8,700 job cuts as part of its new strategy to save money.

PepsiCo (NYSE:PEP) To Slash Jobs

The food and drinks maker PepsiCo (NYSE:PEP) announced that it will fire 8,700 employees worldwide to increase its marketing spending.

The company will invest $600 million for advertising its brands, including soft drinks and Lays, as part of its new strategy.

It estimates that it can save up to $1.5 billion by 2014 from the job cuts.

PepsiCo (NYSE:PEP) chief executive Indra Nooyi said, “Running a large company is like doing a car race. Occasionally, you have to stop and refuel yourself in the pit stop, and that is what we’re doing in 2012”.

PepsiCo (NYSE:PEP) shares are currently standing at 64.27.

Price History
Last Price: 64.27
52 Week Low / High: 58.5 / 71.89
50 Day Moving Average: 65.45
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12 Month Price Change %: 4.0%