NEW YORK ( TheStreet) -- Pepsi (PEP - Get Report) will cut its global work force by 3% as it looks to cut costs and put more money into advertising in North America and increase returns to shareholders in the coming year.
The soft drinks and snack food giant announced Thursday it will cut 8,700 jobs across 30 countries to save $1.5 billion by 2014.
The maker of Tropicana juice and Doritos chips will increase advertising in North America by as much as $600 million this year, Pepsi said, while initiating a $3 billion share buyback program and raising its dividend by 4%.
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