Food producer Cargill said Tuesday it will cut about 8,000 jobs globally after falling crop prices tanked profits of the largest privately held company in the US.
The Minneapolis-based firm, the world’s largest agricultural commodities trader, plans to slash its 164,000-person workforce by 5%.
Most of Cargill’s job reductions would take place this year, the company’s president and CEO, Brian Sikes, said in a memo reviewed by Reuters. “They will focus on streamlining our organizational structure by removing layers, expanding the scope and responsibilities of our managers, and reducing duplication of work,” Sikes said in the memo.
