Cargill, largest private company in the US, laying off thousands as profits fall

[KARAH RUCKER]

AMERICA’S LARGEST PRIVATE COMPANY AND WORLD’S LARGEST AGRICULTURAL COMMODITIES TRADER IS LAYING OFF FIVE PERCENT OF ITS GLOBAL WORKFORCE AS FOOD PRICES DROP.

CARGILL CONFIRMING MONDAY AROUND EIGHT-THOUSAND EMPLOYEES ARE BEING LET GO. 

THE TRADING GIANT SAYS WORKFORCE CUTS WILL TAKE PLACE THIS YEAR AS IT STREAMLINES ITS ORGANIZATIONAL STRUCTURE AFTER MISSING ITS EARNING GOALS.

THE MOVE IS REPORTEDLY PART OF CARGILL’S 2030 STRATEGY.

THE CORPORATION MAINTAINS “IMPACTS TO OUR OPERATIONS AND FRONTLINE TEAMS WILL BE KEPT TO A MINIMUM” AS THE BUSINESS CONTINUES DELIVERING PRODUCTS TO CUSTOMERS.

CARGILL DISTRIBUTES GRAINS, MEAT AND OTHER AG PRODUCTS AROUND THE GLOBE. THE COMPANY REPORTEDLY HAS MORE THAN 160-THOUSAND WORKERS.

IT PULLED IN RECORD PROFITS DURING THE PANDEMIC, INFLATION AND AS CONFLICTS AROUND THE WORLD DROVE UP THE PRICE OF FARM PRODUCTS.

WITH AN END TO THE PANDEMIC AND AS INFLATION SLOWS, THE COMPANY’S PROFITS FELL TO TWO-POINT-FOUR-EIGHT BILLION DOLLARS IN THE FISCAL YEAR ENDING IN MAY.

THAT’S LESS THAN HALF OF THE RECORD SIX-POINT-SEVEN IT MADE IN 2021 TO 2022 AND ITS LOWEST PROFIT SINCE 2016.

ADDING TO TROUBLES, CARGILL HAS REPORTEDLY INVESTED HEAVILY IN ONE OF THE LARGEST BEEF PROCESSORS IN NORTH AMERICA, AS THE U-S-D-A REPORTS THE NUMBER OF CATTLE NATIONWIDE IS DOWN.

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FOR STRAIGHT ARROW NEWS– I’M KARAH RUCKER.