WAYZATA, Minn. – Wayzata, Minnesota based Cargill announces it will cut five percent of its employees worldwide.
Eight thousand people are expected to lose their jobs.
The company saw a 10 percent drop in revenue last year due to low commodity prices and a global agricultural surplus.
Cargill has a canola crushing plant in West Fargo and a grain elevator in Wahpeton. The company hasn’t announced any layoffs at specific locations.
According to Forbes, Cargill is the largest private company in the U.S.
“For nearly 160 years, Cargill has been a critical connector of the global food system. Earlier this year, we set a long-term strategy that continues that legacy, while carrying forward the values and core strengths that have defined our success from the beginning. As we look to the future, we have laid out a clear plan to evolve and strengthen our portfolio to take advantage of compelling trends in front of us, maximize our competitiveness, and, above all, continue to deliver for our customers. As the world around us changes, we are committed to transforming even faster to deliver for our customers and fulfil our purpose of nourishing the world.
To strengthen Cargill’s impact, we must realign our talent and resources to align with our strategy. Unfortunately, that means reducing our global workforce by approximately 5 percent. 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.”
Cargill statement
