Cargill to cut 8,000 jobs amid falling profits and prices
Cargill, the largest private company in the United States, is set to lay off thousands of employees. The food producer's issues are attributed to falling product prices. Consequently, up to 8,000 people will be made redundant.
Cargill was founded in 1865 in a grain warehouse in Iowa. Currently, the company's headquarters are located in Minnesota, and in 2019, the company's revenues exceeded £93 billion. Cargill employs 160,000 people across 70 countries, including Poland.
Cargill has been operating in Poland since 1991 and employs 3,000 people in 23 locations. "We are active in the following sectors: animal nutrition, production of starch, syrups, gluten and ethyl alcohol, trading of grains, meal and oilseeds, import of raw materials and food additives, and risk management. We work closely with branches in other countries, such as Germany, Switzerland, Argentina, the Netherlands, and Ukraine, to provide the best products and solutions for our clients every day."
Americans will lay off
According to bankier.pl, the redundancies will affect 5% of the workforce, meaning that up to 8,000 people will lose their jobs.
It is emphasised that Cargill is the largest private company in the United States and also the biggest seller of agricultural products worldwide. The company notes that these redundancies are part of a new strategy, partly due to lower profits, which amounted to nearly £2 billion - significantly less than in 2021-2022, when they totalled £5.4 billion. "This is caused, among other factors, by the decline in commodity crop prices such as wheat, maize, and soybeans," it states.
