Cargill, the global food retailer, has announced significant job cuts, planning a 5% reduction in its workforce, equivalent to approximately 8.000 positions. The decision follows a decline in revenue in the last fiscal year, impacted by the decline in prices of key crops such as wheat, corn, and soybeans, which reached four-year lows, and by shrinking processing margins.
For the 2024 fiscal year, which ended in May, the company reported revenue of $160 billion, down from $177 billion the previous year. According to Chairman and CEO Brian Sikes, most of the cuts will be implemented within the year, affecting some of its global workforce of over 160.000 employees.
