NEW YORK, Dec. 3 (Xinhua) -- Cargill, an agricultural giant based in the U.S. state of Minnesota, is laying off 5 percent of its global workforce, or roughly 8,000 workers, as it deals with tepid crop prices and pressure on the beef industry.
The move was part of its efforts to align talent and resources with a long-term strategy set earlier this year, the company said in a statement. The company has over 160,000 employees operating in 70 countries, according to its 2024 report.
Cargill, one of the world's biggest food suppliers, buys crops from farmers, trades commodities and processes meat. The nearly 160-year-old company makes products ranging from animal feed to chocolate.
As a private company, Cargill doesn't face the same financial disclosure requirements as publicly traded firms. In 2020, it ended its longstanding practice of providing quarterly results, and instead reports numbers for its fiscal year in its annual report, said The Wall Street Journal in its report about Cargill on Tuesday.
For its most recent fiscal year, Cargill reported 160 billion U.S. dollars in revenue, down from 177 billion dollars for the prior year, noted the report.
"The marketplace our people navigated this year was extremely challenging," Chief Executive Brian Sikes wrote in the company's most recent annual report.
