Global agribusiness giant Cargill is set to cut its global workforce by 5%, according to a World Grain report.
The move followed the company’s weak financial performance this year and a restructuring of its business, the 3 December report said.
“To strengthen Cargill’s impact, we must realign our talent and resources to align with our strategy,” the company was quoted as saying.
“Unfortunately, that means reducing our global workforce by approximately 5%. 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.”
For fiscal year 2024 ended 31 May, Cargill recorded sales of US$160bn, down nearly 10% from US$177bn the previous year.
The privately-held company does not publish its annual earnings.
In Cargill’s annual report published on 13 August, company chairman, president and CEO Brian Sikes said ongoing challenges facing the global food system from disruptions caused by conflict, changing demographics, and volatile economic and environmental conditions had impacted the company.
According to a Reuters report in August, Cargill has set out plans to reduce its business units from five to three, with the remaining three focused on food, farming and trade and “special” businesses.