Cargill is laying off an additional 80 employees at its Minnetonka headquarters as the ag giant continues restructuring.
The cuts announced Wednesday come in addition to 475 local job losses announced late last year. Both sets of layoffs are part of a 5% reduction in overall staffing affecting roughly 8,000 jobs globally.
Cargill has about 5,300 employees in Minnesota. The recently announced layoffs will go into effect at the end of the year.
“A year ago, Cargill set a long-term strategy to build on our 160-year legacy while positioning the company for future growth,” Cargill said in a statement. “As part of this effort, we made the difficult decision to reduce roles in select professional areas. We are deeply grateful to our colleagues affected and are committed to supporting them with care and respect through this transition.”
CEO Brian Sikes wants to “streamline and simplify” Cargill with the ongoing reorganization, which included moving from five to three business units.
“We continue to align resources and talent to our most critical priorities: staying competitive, delivering for our customers and performing against our strategy,” the company’s statement said.
Cargill, the country’s largest privately held company, saw sales drop 4% to $154 billion in the fiscal year that ended in May. Profits, according to Bloomberg, picked up 44% after dropping to the lowest level in nearly a decade the year prior.
Low commodity prices and a small cattle herd have dragged on the company’s finances, though chicken and cocoa have been bright spots.
