475 Layoffs Planned For Cargill's MN Office Among Thousands Expected Globally

WAYZATA, MN — Cargill plans to lay off thousands of employees worldwide, including nearly 500 associated with its Wayzata headquarters, according to the company.

The agribusiness giant confirmed this week it would cut its global workforce by about 5 percent.

In a Worker Adjustment and Retraining Notification letter to the Minnesota Department of Employment and Economic Development, the company said it would eliminate about 475 on-site and remote workers affiliated with its Wayzata office center as part of a business restructuring.

Wayzata workers being laid off will be informed this week and separation dates will start Feb. 5, according to the letter, which added affected employees will be eligible for severance pay and outplacement services.

Cargill did not immediately provide specifics about the global layoffs. But a 2024 annual report from the company noted that it had more than 160,000 employees worldwide, meaning the latest job cuts would be set to impact around 8,000 workers.

As a privately held company, Cargill doesn't regularly publish its finances publicly. A 2024 report from the company, however, noted that it operates in 70 countries and sells to 125 markets — raking in some $160 billion in annual revenue. That's down from $177 billion in revenues seen the year prior.

This week's layoff announcement arrives while much of the agricultural industry continues to face dropping prices for the commodities they trade, with the costs of anything from wheat to vegetable oil coming down from record surges seen during the COVID-19 pandemic and global conflicts such as Russia's war in Ukraine. While sticker prices for consumers are still higher than they were just several years ago, that shift has added pressure on food giants like Cargill.

"As the world around us changes, we are committed to transforming even faster to deliver for our customers and fulfil our purpose of nourishing the world," Cargill stated Tuesday.

Despite recent revenue declines, Forbes again named Cargill the largest private company in the U.S. this year — marking the fourth consecutive year the company has held this title, and the 37th time overall since Forbes began its rankings in 1985.

The Associated Press contributed to this story.