PepsiCo said Tuesday it has agreed to slash 20% of its soda and snack lineup in the US, lower some prices — and layoff an unspecified number of workers — as part of a deal with activist investor Elliott Management.

Its well-known array of snacks includes Lay’s, Cheetos, Doritos, and Funyuns, as well as drinks like Pepsi and Mountain Dew. The food giant did not specify which brands would be cut from its lineup.

The announcement marked the company’s latest change to product offerings since billionaire Paul Singer’s Elliott built up a $4 billion stake in the company earlier this year and pushed it to reduce its complex brand portfolio.

PepsiCo – eager to cut costs amid Elliott’s activist campaign – told employees that it “will be making structural changes to our business that will affect

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