NEW YORK — Agribusiness giant Cargill announced this week that it is cutting approximately 5% of its global workforce, impacting around 8,000 employees. The Minnesota-based food production company, which operates in 70 countries and employs over 160,000 people worldwide, stated the layoffs are part of a broader strategy to realign resources and enhance its long-term impact.
The decision comes amid declining commodity prices in the agricultural sector, following record surges during the COVID-19 pandemic and global conflicts like Russia’s war in Ukraine. Despite persistent high consumer prices, the shift has put financial strain on food giants, including Cargill, which reported $160 billion in annual revenue for 2024, down from $177 billion the previous year.
According to reports, most of the layoffs will occur this year and will primarily affect non-executive roles, though some senior leaders are included. Despite these challenges, Cargill remains the largest privately-held company in the U.S., a title it has held for four consecutive years.
