Global trading house Cargill said on Tuesday it plans to cut around 5 percent of its staff, or about 8,000 jobs after revenue slumped in its most recent fiscal year as crop prices hit multi-year lows.
Agricultural merchants including privately held Cargill are under pressure as prices of the commodity crops they trade, such as wheat, corn, and soybeans, have dropped to near four-year lows and crop processing margins have shrunk.
Most of Cargill’s job reductions would take place this year, the company’s president and CEO, Brian Sikes, said in a memo reviewed by Reuters on Tuesday.
“They will focus on streamlining our organisational structure by removing layers, expanding the scope and responsibilities of our managers, and reducing duplication of work,” Sikes said in the memo….