PepsiCo shutters Tennessee bottling plant amid soda slump

The closure comes after the beverage giant’s CEO laid out a cost-cutting plan to improve flattening growth.

PepsiCo has been particularly troubled by its beverage unit. In an earnings call earlier this month, CEO Ramon Laguarta said the company didn’t “feel good” about soft drink performance, adding PepsiCo's portfolio wasn't competing well.

Laguarta alluded to cost cuts across the business, saying “everything that is not related to growth will not be part of the company.”

Last quarter, PepsiCo’s volume in North America was down 2%. To combat the declines, the beverage giant is planning to raise prices and boost innovation of its soft drinks, including Mountain Dew, Pepsi and Poppi.

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