The Multinational company Cargill in the US which operates in several countries worldwide wide has decided to lay off some of its employees recently. In this article, we will look into the details of Cargill, who owns Cargill, Cargill products, and the reasons for the layoff of its employees.
Cargill Company layoffs
Agricultural business giant Cargill has decided to reduce their workforce by 5%. The business firm has decided to reduce its workforce from the supply chain management system of the company and inventory of the firm. Cargill instructed some of its employees to look for new jobs.
The Cargill company has more than 160,000 employees throughout the world. If 5 percent of its workforce loses jobs it would directly impact more than 8,000 employees of the company.
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About Agricultural giant Cargill
Cargill is a private company and has business in 70 countries globally. The Cargill company sells its agricultural products to more than 125 markets around the world. The net worth of the Cargill company is around $160 billion according to the annual report of the company. But the worth of the previous year was $177. The annual revenue of the company has decreased according to the data available.
The Cargill headquarters has many employees and 475 employees will be laid off from the company headquarters in Minnesota. The company had informed its employees about the layoffs.
Who owns Cargill
The company was founded by William Wallace Cargill. The company was established 159 years ago in 1865. 88 percent of the company shares are owned by the Cargill family. Brian Strike serves as the CEO and Chairman of the business giant Cargill. The company has numerous beef processing plants in North America.
Food products of Cargill
Here is the list of some of the food products by the Cargill
- Edible oil
- Wheat Flour
- Animal Feeds
- Grains
- Starch Syrup
- Glucose Syrup
- Meat
- Seafoods
- Cereals
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Reasons for the layoffs
Processed Beef is one of the major products of the multi-national company Cargill. This is a significant factor in the loss of their revenue. Archer Daniels Midland is another company that is the main competitor of Cargill. They are not facing such setbacks as they are not in the processed beef business.
The farm owners had to reduce the number of cattle as they were not able to feed large numbers of cattle. This increased the price of cattle. Hence the beef processing business of the company was not in much profit compared to last year. The company’s edible oil business was also affected. As the supply of grains like corn and soybeans increased significantly, the grain business of the company Cargill is also facing issues.
Conclusion
Here in this article, we have discussed the major reasons behind the Layoffs declared by the company. We have also mentioned the Cargill products and the Cargill family who owns the Agricultural business firm Cargill.
