New York CNN —Cargill, the megasized Minnesota-based food production giant, is laying off about 5% of its global workforce as food commodity prices drop.
Cargill is America’s largest privately held company, according to Forbes, and is also the world’s largest agricultural commodities trader.
In a statement to CNN on Monday, the company said the changes are part of “a long-term strategy” set earlier this year.
In simpler terms, the company is the middleman distributing grains, meat and other farm products around the world.
It had profited heavily during the pandemic and its aftermath, thanks to inflation and geopolitical turmoil throwing food prices into disarray.
Persons:
New York CNN — Cargill, Cargill, Forbes, Brian Sikes
Organizations:
New, New York CNN, CNN, US Department of Agriculture, Bloomberg
Locations:
New York, Minnesota, “, North America, Atlanta