Agriculture multinational Cargill, has announced a strategic workforce restructuring to align its operations with evolving market demands and business priorities.

As part of this restructuring, the 160-year-old company Cargill will be reducing its workforce by approximately 5%, effectively impacting 8,000 people. Currently, the Minnesota-based Cargill employs more than 160,000 people. The job cut was announced after Cargill noticed a decline in revenue due to low crop prices in its most recent fiscal year. 

Most of the job cuts would come into effect this year, said Brian Sikes, president and CEO in an internal memo reviewed by Reuters. Sikes said the company will hold a meeting on Dec. 9 to share more information about the restructuring.

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"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.

“Unfortunately, that means reducing our global workforce by approximately 5%," it said.

Cargill has been present in India since 1987 and employs more than 5000 people. It has 13 manufacturing facilities and has businesses in refined oils, food ingredients, industrial specialities, grain and oilseeds, cotton, animal nutrition, and trade and capital markets. In 2021, the company acquired an edible oil refinery in Nellore, Andhra Pradesh.