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Quick Hits: Pepsi to Export Thousands of Jobs to China


Brief scrutiny of today's headlines.

Note to those who rail against the global economy: It's good for American companies and investors.

PepsiCo (PEP) plans to invest $1 billion in China over the next 4 years to expand its production and sales force.

The decision underscores the importance of foreign markets to US companies looking for growth.

Earlier, PepsiCo reported that profit fell nearly 10% in the third quarter, and the company missed Wall Street estimates.

Most of the $1 billion will be invested in China's interior and western provinces.

Pepsico says it plans to focus on expanding market share in Brazil, China, India and Russia. It plans to close 6 US plants and cut about 3,300 American jobs in response to weak domestic sales of soft drinks.

Last year, Pepsi posted double-digit growth in China and high single-digit growth in India. Sales topped $1 billion in Russia.

PepsiCo's latest investment in China is expected to create thousands of new jobs for Chinese workers. The company's bottling partners now employ about 22,000 people.

Rival Coca-Cola (KO), the world's number-one soft-drink company, is also active overseas.
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