The most recent annual report from the Illinois State Board of Investment shows the state holds more than $66 million worth of stocks and bonds in PepsiCo, Coca Cola and Dr. Pepper Snapple alone.
Pepsi is set to lay off 80 to 100 distribution workers in Philadelphia, citing local beverage sales dropping 40 percent in the wake of the new soda tax.
“Our worst fears have been realized today,” said Philadelphia Teamsters union Secretary-Treasurer Danny Grace in a statement on those layoffs. “We pleaded with City Council members and our fellow union brothers and sisters in Philadelphia to stand with us against this outrageous tax, but to no avail. I hope they can live with themselves after knowing that their actions led to the devastation of an industry in the city and the loss of so many family-sustaining jobs.”