PepsiCo to cut 3,300 jobs as profit falls 10 pct

[OhioChick]

Source: Yahoo News

13 minutes ago

NEW YORK - PepsiCo announced plans on Tuesday to cut 3,300 jobs and close six plants as it deals with lagging U.S. drinks sales and a surging dollar, which will hurt profits from its rapidly growing international business.

The announcement came as the global snacks and drinks maker reported a 9.5 percent drop in third-quarter profit and offered a downbeat profit outlook.

The job cuts amount to roughly 1.8 percent of PepsiCo's global work force of about 185,000 employees. The cuts will affect managerial and factory jobs both in and outside the U.S. Most will be eliminated in the coming months, Chief Financial Officer Richard Goodman said.

The nation's second-largest drink maker said it expects to generate a pretax savings of more than $1.2 billion over the next three years, with $350 million to $400 million to be saved in 2009.



Read more: http://news.yahoo.com/s/ap/20081014/ap_on_bi_ge/earns_pepsico

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More job loss....

[Tallllama]

1. Less than 10% as many jobs, but I feel 10 times WORSE!

ViseGrip manufacture moves to China, http://www.msnbc.msn.com/id/26531610/ Boo Hoo. Me & 300 Nebraskans too. Thanks Rubbermaid-holding-company-advisory-group. Money, ki$$ ki$$.

I feel for these guys.

I like Vise Grips a lot, I mean the real ones. I've got 3 in different styles and they're more reliable & easier to use than my knockoffs. I suppose the Chinese ones for this company won't be as bad as the other import knockoffs, but I'd still pay a buck or so more for that MADE IN U.S.A. on it. Don't these holding companies even realize when they have a premium AMERICAN brand? Why dilute it for a few pennies?



I dunno if politians could do anything, they're pretty busy ATM, but maybe I can. And you too. Please cut & paste this, edit as you like with your name:

Dear Sir,
Long term, moving the manufacturing of Vise-Grip products to China is a bad idea coming at a bad time. Besides, I like the MADE IN U.S.A. stamp on mine. I hold a small position in your company and would like to know the rationale for this action. This has been a particularly popular AMERICAN made brand, which has added extra value that you are discarding.

Respectfully,

and email to [e-mail]

[Arctic Dave]

2. WTF!

Once again, selling out an American industrial quality and performance.

Bastards!

[progressoid]

7. Yep - that is really going to hurt.

This is going to hurt a lot of Nebraskans and a lot of Americans.

Stupid stupid stupid.

Edited to add: Welcome to DU!!

[OhioChick]

9. Bastards. n/t

BTW....Welcome to DU!

:hi:

[ChromeFoundry]

10. Damn, I love my set of Irwin Vise-Grips...

this is sad. I feel for the employees. I need to find a tool manufacturer that make their tools right here in the USA. I've noticed that Craftsmen, MAC, and many Snap-On tools are now made in China. Are there any tool makers left in the US?

[ChromeFoundry]

11. FYI: Found this site that lists, "Made in U.S.A." tools...

http://www.stillmadeinusa.com/tools.html

[yardwork]

25. That is terrible! We're not making anything anymore in the U.S.

I remember when it was considered patriotic to "buy American." I remember when clothes had "Made in America" and "Union Made by American Workers" labels, and it was considered patriotic to buy them.

Now everything is made overseas for the sake of profit.

[pipoman]

28. I knew when Petersons sold out

the days were numbered for US manufacture of Vise Grips. One of my best friend's in the 1970's sister was married to the Peterson who ultimately sold out to Irwin, Vise Grip was the lifeblood of Dewitt NE. I went to the Peterson's with my friend Christmas of 1980 IRRC. This was the first year of production of Vise Grip needle nose pliers, they gave me a pair in a nice leather gift box. I still have them, great quality and a beautiful tool.

[Azlady]

3. K & R ...

How is giving 250bil to the largest USA banks going to help all of these workers that are now out of jobs? That is alot of jobs and I can not help but wonder how many of these jobs are in rural places across the country, that will have forever impacts on the rural commmunities, forcing workers to move to larger cities for jobs.

To also read about the vicegrips company going to China, each and every one of us need to contact this company and let them know, take the jobs to China and we will not buy your product anymore. We need to start standing up for our American WORKERS!

[GoddessOfGuinness]

4. At $1.99 for a 2 liter bottle of soda, it's no wonder.

I refuse to buy it at that price.

[poverlay]

5. I am a complete Pepsi addict and typically pay around $3.75 a 12pk. I do not

understand how people can prefer Coke. When we were recently in Italy it was just this side of impossible to even find a Pepsi. Maybe they can break into some of the overseas markets a little better. I suppose I could increase my intake a bit, but I'm not sure my body can take it. How much do you suppose I'd have to drink to re-create those 3000 jobs?

[ihavenobias]

6. A LOT

:)

[geomon666]

13. Coke just tastes better.

Ironbeer beats em all though. Sugarcane sugar, no caffeine. God.....I wish I had some right now.

[poverlay]

16. I must, respectfully, disagree on the taste issue. However, in matters of taste one must never

argue.
The Ironbeer sounds quite interesting. Where do you find it?

[geomon666]

21. You can find it in Miami.

Here's the wiki: http://en.wikipedia.org/wiki/Ironbeer

It's very flavorful almost like Jamaican soda.

[GoddessOfGuinness]

19. I love those Italian sodas...

...the kind where they pour the syrup into a glass of soda water. :9

[CRF450]

27. Dude, that sounds awsomely good!

I'd like some Mountain Dew fixed up that way!

[BraveDave]

8. Maybe if they cut sugar and carbs instead...hmmn

[WriteDown]

14. They tried that with Coke....

Anyone remember C2?

[geomon666]

15. I do. Tasted like battery acid.

Isn't Coke Zero the same crap though?

[WriteDown]

18. Ha...

I liked it. Apparently I was the only one. Coke zero is very different.

[geomon666]

22. I can't stand artificial sweetners.

It just tastes..wrong. I mean, would you eat an artificial steak? I thought not.

[BraveDave]

24. I'm not big on Coke Zero

but Sprite Zero is pretty good.

My point however was simply that some of us out here can't drink nor eat most of what you find in pepsico products.

[kentauros]

12. It's too bad they never think about cutting jobs at the top, first.

How much would sacking about 10 Executive Vice Presidents save them?

It'd be "win-win" PR-wise, as they could say they let go only ten people yet saved over a billion in profits and stock options while keeping their manufacturing base here and all-American ;)

[OhioChick]

20. I like your idea....

10 suit's salaries would likely save those 3300 jobs.

[XemaSab]

17. Which plants are they closing?

I have a friend who started out driving a forklift at one of their plants 10 years ago, and now he's got several houses that he's fixing up and renting out.

When he originally went to work for them I thought it was a dead-end job, but I've been really impressed.

[OhioChick]

23. Looks like everywhere....(Worldwide)

Here are a few I found on a quick search:


Pepsi to cut 120 jobs in Chicago, amid wider layoffs

http://www.chicagotribune.com/business/chicago-biz-pepsi-layoffs-oct14,0,5272014.story

20 jobs cut at Pepsi bottling plant in Latham

http://www.dailygazette.com/news/2008/oct/14/1014_pepsi/

I'm sure more will be announced in the coming days.

[CRF450]

26. They have pretty good benefits and decent pay!

I tried going to a local pepsi loading teminal to apply for a job with them, but their was some special way to apply for a job rather than just walking into the office and getting an application.

Now that I think about it, I wonder if the local terminal here is being hit with job losses or somethin...