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The Wall Street Journal reports that PepsiCo will reorganize its struggling juice business, close some manufacturing lines and cut 750 jobs company wide.

The company plans to create a "major beverage hub" in Chicago that will manage Tropicana, Dole and its other juice drinks. Tropicana's Florida-based sales and marketing employees will move to Chicago to join the company's Quaker Foods and Gatorade divisions. Pepsi's carbonated drinks and bottled waters operations remain in Purchase, N.Y.

Pepsi said it was counting on a new reduced-calorie Tropicana orange juice to revitalize was has been a disappointing brand.

Pepsi plans to close a Frito-Lay snack-food plant in Louisville, Ky., resulting in about 330 of the 750 planned job cuts.

The company said that Jim Dwyer, president of Tropicana North America, was leaving the company for "personal and professional reasons." Greg Shearson, president of Pepsi's recently combined food-and-beverage operations in Canada, has been named president of the newly formed Juices group in Chicago.

The company also announced that it will begin to expense stock options in the fourth quarter and rely more on restricted stock in employee compensation.
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