Cargill trimming up to 4,000 jobs as low commodity prices and China slowdown hit: Reuters report
In Minnesota, Reuters is reporting that Cargill will trim up to 4,000 jobs, or 2.5 percent of its workforce and closing an undisclosed number of company offices, The report comes as Archer Daniels Midland, Bunge, Cargill and Louis Dreyfus, among other agricultural giants are girding their loins for extended impacts from China’s growth slowdown and the worldwide decline in commodity prices, as well as fight off increasing competition from Asia-based traders.
CEO David MacLennan, who took office in 2013, has already initiated a restructuring of some of the company’s operations, with a focus on increasing focus on fish meal among other markets of interest. Observers noted that this was the biggest company reduction in force in memory, if Reuters’ numbers are accurate. A workforce restructuring fifteen years ago was more focused on refocusing employees around product groups rather than regions.
Category: Fuels
