Cargill announced plans to reduce its global workforce by approximately 5%, equating to 8,000 employees, as part of a restructuring effort following weak financial results in fiscal 2024. The company reported $160 billion in sales, a nearly 10% drop from the previous year, attributing the decline to global disruptions and economic volatility. CEO Brian Sikes highlighted challenges such as geopolitical conflicts, demographic shifts, and environmental issues. Additionally, Cargill intends to streamline its operations by consolidating its business units from five to three, focusing on food, farming, and trade.
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