Cargill intends to eliminate about 5% of its global workforce, which amounts to roughly 8,000 jobs.
The decision to eliminate these jobs comes at a time when profits for the diversified agrifood company are at a 10-year low, reported the Minnesota Star-Tribune.
“To strengthen Cargill’s impact, we must realign our talent and resources to align with our strategy. Unfortunately, that means reducing our global workforce by approximately 5%,” the company said in a statement. “This difficult decision was not made lightly. We will lean on our core value of putting people first as we support our colleagues during this transition.”
The majority of the job cuts – which will occur across the company’s global operations – will be announced before the end of 2024.
The company, headquartered in Minnetonka, Minnesota, has been in business for 159 years and presently operates in 70 countries and sells to 125 markets.
Cargill ranks as the world’s fourth largest feed producer, according to the Feed Strategy Top Feed Companies Database. During the past year, the company produced 17.5 million metric tons of feed for the poultry, pig, ruminant animal, aquaculture, equine and pet industries. Its feed brands include Cargill, Diamond V, EWOS, Nutrena, Provimi and Purina.
As a poultry producer, Cargill ranks as the world’s 16th largest broiler producer, with subsidiaries in Honduras, Colombia, Nicaragua, Costa Rica, Thailand, United Kingdom and China. The company produced 580 million broilers during the past year.
Cargill is also the third largest turkey producer in the United States, having processed 900 million pounds of turkey during the past year. Its turkey business is headquartered in Kansas and has operations located in the states of Virginia, Minnesota, Arkansas, Nebraska, Texas and Missouri.
