Cargill will lay off 5% of its global workforce — roughly 8,000 employees — according to several news reports. The move reflects an effort to align talent and resources with a long-term strategy set in early 2024, according to a statement from the company, shared by the Wall Street Journal.
In the company’s most recent annual report, CEO Brian Sikes called the marketplace “extremely challenging, and the company’s revenue plummeted from $177 billion to $160 billion year-over-year. In a statement received by one Minneapolis-area news outlet, the company said it was working on “transforming even faster” as the world changes around it.
Pressure from its animal protein and grain businesses were cited as particular pain points for the company in recent times.
About the Author
Andy Hanacek
Senior Editor
Andy Hanacek has covered meat, poultry, bakery and snack foods as a B2B editor for nearly 20 years, and has toured hundreds of processing plants and food companies, sharing stories of innovation and technological advancement throughout the food supply chain. In 2018, he won a Folio:Eddie Award for his unique "From the Editor's Desk" video blogs, and he has brought home additional awards from Folio and ASBPE over the years. In addition, Hanacek led the Meat Industry Hall of Fame for several years and was vice president of communications for We R Food Safety, a food safety software and consulting company.