Cargill, America’s largest privately held company, plans to lay off about 5% of its global workforce, or roughly 8,000 employees, as food commodity prices decline. The Minnesota-based food giant cited a strategic shift in response to changing market conditions, including falling grocery prices and reduced U.S. cattle numbers.
The company, which distributes grains, meat, and farm products worldwide, saw its profits drop to $2.48 billion in fiscal 2024, less than half of its record earnings during the pandemic.
CEO Brian Sikes emphasized plans to adapt and maintain competitiveness, even as Cargill invests in growth areas like its Atlanta tech hub. The cuts come as the agricultural industry faces evolving economic challenges.
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