3 sources·Business

Cargill Announces Layoffs Amid Market Pressures

Cargill is laying off about 8,000 employees globally as part of a strategy to streamline its operations and address falling profits.

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Updated: Dec 3rd, 2024, 2:36 PM ET

Summary

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Cargill, the largest private company in the U.S. and a key player in agricultural commodities, will cut 5% of its workforce, impacting roughly 8,000 jobs. This decision comes in response to a decline in profits linked to falling food prices. The company reported a revenue drop from $177 billion to $160 billion in the last fiscal year and is shifting its structure to better align resources and increase efficiency. Most layoffs will occur this year, with a focus on minimizing impacts on frontline operations.

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