Cargill to lay off thousands, cut global workforce by 5%

Global food production company Cargill is laying off thousands of employees, reducing its workforce by about 5%.

In a statement sent to The Associated Press, the Minnesota-headquartered agribusiness giant said the move was part of a long-term strategy to “strengthen Cargill’s impact,” which includes realigning resources, AP reported.

In its 2024 annual report, Cargill noted $160 billion in annual revenues for its food, ingredients, agricultural solutions and industrial products sold in 125 markets worldwide. The company also said it had more than 160,000 employees in 70 countries, meaning the cuts would affect around 8,000 workers.

Bloomberg first reported the layoffs on Dec. 2, citing an internal memo seen by the news organization in which Cargill CEO Brian Sikes told employees that the cuts will take place this year.

In the Dec. 3 statement to AP, Cargill said the move was a difficult decision not made lightly.

Cargill topped Forbes’ list of privately held companies in 2024 for the fourth consecutive year despite a nearly 10% decline in its fiscal year revenue. Since the Forbes list began in 1985, Cargill has ranked as the nation’s biggest private company 37 times.