America’s biggest private company is laying off thousands of workers

Cargill, the largest privately held U.S. company, is laying off about 5% of its global workforce, roughly 8,000 employees, as food commodity prices decline.

The layoffs are part of a long-term strategy set earlier this year.

Cargill, which profited during the pandemic from rising food prices, is now facing a drop in grocery prices and a decline in U.S. cattle numbers.

The company’s profits fell sharply to $2.48 billion in the fiscal year ending in May, less than half of the previous year’s $6.7 billion, CNN has reported.

read more: https://www.cnn.com/2024/12/02/business/cargill-layoffs-thousands/index.html

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