PepsiCo, a major player in the food and beverage industry, announced plans to cut prices and reduce its product offerings by nearly 20% by early next year.
This decision is part of a deal with an activist investor Elliott Investment Management.
The New York-based company, known for producing Cheetos, Tostitos and other Frito-Lay products, aims to use the savings from these cuts to invest in marketing and provide improved value for consumers.
PepsiCo did not specify which products would be eliminated or the extent of the price reductions.
