On Monday evening, the food and beverage titan revealed that its focus going into the new year is affordability and regaining its competitive edge in the marketplace, and it has a three-part plan in place to do so—some of which it has already acted on.
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PepsiCo's plans to "aggressively reduce" its operating costs this year and "accelerate organic revenue growth, deliver record productivity savings and improve core operating margin" for next year started with shutting down three manufacturing plants and several manufacturing lines, according to the statement shared on Monday. The affected plants were reportedly located in California, Florida, and New York, though many reputable sources say additional layoffs are coming.
The simplest (and saddest) answer would be to completely discontinue certain items, but PepsiCo—the parent company of so many household names, including MUG Root Beer, Lay's, Mountain Dew, Rockstar Energy, Quaker, Rold Gold, SunChips, Miss Vickies, among many others—has not offered any guidance on which products it's looking to cut or whether it will affect entire brands, product lines, or just specific items within some collections.
"We appreciate our collaborative engagement with PepsiCo's management team and the urgency they have demonstrated," said Marc Steinberg, partner at PepsiCo shareholder Elliott Investment Management, who added that the team is confident in these updates. "We believe the plan announced today to invest in affordability, accelerate innovation and aggressively reduce costs will drive greater revenue and profit growth. In addition, we welcome the comprehensive review of PepsiCo's North America supply chain and go-to-market systems, as well as PepsiCo's commitment to Board refreshment.
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