Minnesota-based Cargill did not immediately provide further specifics around the layoffs. But a 2024 annual report from the company noted that it had more than 160,000 employees w

Global trading house Cargill plans to permanently terminate about 475 employees in Minnesota, home to its corporate headquarters, starting on Feb. 5, according to a company letter released by the state on Tuesday.

Cargill Inc. is cutting thousands of jobs globally after the largest privately held company in the US missed profit targets.

The job cuts come while much of the agricultural industry continues to face dropping prices for the commodities they trade.

Global trading house Cargill plans to cut around 5% of its worldwide employees, according to an internal memo reviewed by Reuters on Tuesday. "The majority of these reductions will take place this year.

The cuts come amid a corporate restructuring in response to falling sales and profits.

Cargill and crop-trading rivals have seen earnings shrink after bumper crops sent corn and soybean prices tumbling.

Cargill has more than 160,000 employees globally and is based out of Minnesota in the United States but makes its Canadian headquarters in Winnipeg.