CNN - Cargill, the Minnesota-based food production behemoth, is laying off about 5% of its global workforce as food commodity prices drop. Cargill is America’s largest privately held company, according to Forbes, and is also the world’s largest agricultural commodities trader. In simple terms, Cargill is the middleman distributing grains, meat and other farm products around the world. It had profited heavily during the pandemic and its aftermath thanks to inflation and geopolitical turmoil throwing food prices into disarray. But now, grocery prices are dropping. In a statement to CNN, the company said the changes are part of “a long-term strategy” set earlier this year. Cargill has more than 160,000 employees, according to its 2024 report. That means there will be an estimated 8,000 job cuts.
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