Cargill to Cut 8,000 Jobs Due to Revenue LossCargill to Cut 8,000 Jobs Due to Revenue Loss

Cargill plans to cut around 5% of its global workforce, which is about 8,000 jobs, after revenue slumped in its most recent fiscal year as crop prices hit multi-year lows.

In a statement sent to The Associated Press on Tuesday, the food production company said that the cuts were part of a long-term strategy “to strengthen Cargill’s impact,” which includes realigning resources.

MN-based Cargill did not immediately provide further specifics around the layoffs. But a 2024 annual report from the company noted that it had more than 160,000 employees worldwide, meaning the latest job cuts would be set to impact around 8,000 workers.

Cargill doesn’t regularly publish its finances publicly, as a privately held company is not required to do so. A 2024 report from the company, however, notes that it operates in 70 countries and sells to 125 markets — raking in some $160 billion in annual revenue. That’s down from $177 billion in revenues seen the year prior, AP stated.

According to an internal memo seen by Bloomberg, which first reported on Cargill’s layoffs Monday, CEO Brian Sikes told employees that the majority of the cuts would take place this year. Citing unnamed sources familiar with the matter, the outlet also reported that the job cuts won’t impact Cargill’s executive team, but a number of other senior leaders will be included.

Related:Jack Daniels' Parent Company Closing Plant, Laying Off Hundreds

In recent months, Cargill has cut 100 jobs at its Nashville, TN plant; sold the Nashville sausage packing plant to Smithfield Foods; closed its Altoona, IA plant; launched a new cocoa line; and invested in ENOUGH, a fermented protein company.

This is the second major food company to announce job losses this week. Tyson Foods is cutting 800+ jobs at its KS plant.