Shrinking US herd leads to job losses at Cargill
09/12/2024
Food group Cargill has begun to lay off employees as part of a plan to reduce headcount by 5%, according to Reuters.
The group has more than 160,000 employees worldwide, and a spokesperson said all operating regions will be affected by cutbacks.
"The company is facing a cyclical downturn," said Chris Johnson, agribusiness director for S&P Global Ratings. "Their exposure to beef is a reason why they have faced a significant shortfall in earnings."
The US herd is the smallest it has been in decades.
US Department of Agriculture projects domestic beef production will decrease 2% in fiscal 2025 compared with fiscal 2024.
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