Agribusiness powerhouse Cargill has confirmed plans to reduce its global workforce by approximately 5%, impacting around 8,000 employees worldwide. The Minnesota-based company, which boasts a workforce of over 160,000 individuals across 70 countries, cited a long-term strategy aimed at strengthening its impact as the rationale behind the layoffs.
While specific details regarding the job cuts were not immediately disclosed, Cargill emphasized that the decision was part of a broader effort to realign resources and adapt to evolving market conditions. The company's annual revenue, which stood at $160 billion in 2024, has experienced a decline from the previous year's $177 billion, reflecting ongoing challenges in the agricultural sector.
The announcement comes amidst a backdrop of fluctuating commodity prices and global economic uncertainties, including the aftermath of the COVID-19 pandemic and geopolitical tensions such as the conflict in Ukraine. These factors have exerted pressure on food industry players like Cargill, prompting the need for strategic adjustments to remain competitive.
In a statement addressing the layoffs, Cargill expressed its commitment to transforming rapidly to meet customer needs and fulfill its mission of nourishing the world. The company acknowledged the difficulty of the decision and assured that the majority of the job reductions would occur within the current year.
While the layoffs are not expected to impact Cargill's executive team, reports suggest that several senior leaders will be affected by the restructuring. Despite recent revenue declines, Cargill retains its status as the largest private company in the U.S., a title it has held for the fourth consecutive year and the 37th time overall since Forbes began its rankings in 1985.
