PepsiCo to cut prices, eliminate products as part of a deal with an activist investor
AP News••business
Key Points:
- PepsiCo announced plans to cut nearly 20% of its product offerings by early next year and reduce prices on some products to invest savings in marketing and consumer value, though specific products and price cuts were not disclosed.
- The company aims to accelerate new product launches featuring simpler, more functional ingredients, such as Doritos Protein and Simply NKD Cheetos and Doritos, which contain no artificial flavors or colors, alongside a prebiotic cola variant.
- These changes come after activist investor Elliott Investment Management took a $4 billion stake in PepsiCo and urged the company to address strategic clarity, growth slowdown, and profitability issues in its North American food and beverage segment.
- Elliott expressed confidence in PepsiCo’s new plan to invest in
