Commodities trading giant Cargill plans to cut around 8,000 jobs [Globe and Mail, The (Toronto, Canada)]
Archer-Daniels-Midland Company (ADM)
Last archer-daniels-midland company earnings: 4/29 04:05 pm
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Source: Globe and Mail, The
Agricultural merchants including privately held Cargill are under pressure as prices of the commodity crops they trade, such as wheat, corn and soybeans, have dropped to near four-year lows and crop processing margins have shrunk. Most of Cargill's job reductions would take place this year, the company's president and CEO, Brian Sikes, said in a memo reviewed by Reuters on Tuesday. “They will focus on streamlining our organizational structure by removing layers, expanding the scope and responsibilities of our managers, and reducing duplication of work,” Sikes said in the memo. The move is part of a shift in strategy at the nearly 160-year-old company, Cargill said, when asked about the memo. “Unfortunately, that means reducing our global work force by approximately 5 per cent,” it said. Minnesota-based Cargill has more than 160,000 employees, which implies that a 5 per cent cut in staff would hit about 8,000 jobs. Unlisted Cargill reported revenue of $160-billion for its
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