MINNEAPOLIS — Cargill is set to lay off approximately 5% of its global workforce, or 8,000 employees. The move comes in the wake of weak financial performance during fiscal 2024 and a restructuring of the business.

“To strengthen Cargill’s impact, we must realign our talent and resources to align with our strategy,” the company said. “Unfortunately, that means reducing our global workforce by approximately 5%. This difficult decision was not made lightly. We will lean on our core value of putting people first as we support our colleagues during this transition.”

For fiscal year 2024, ended May 31, Cargill recorded $160 billion in sales, down nearly 10% from $177 billion in fiscal 2023. The company does not publish its annual earnings.

Brian Sikes, chairman, president and chief executive officer, noted in Cargill’s annual report that was published Aug. 13 that ongoing challenges facing the global food system from disruptions caused by conflict, changing demographics, and volatile economic and environmental conditions impacted the company.

Also in August, Reuters reported that Cargill planned to reduce its business units from five to three, with the remaining three focused on food, farming and trade and “special” businesses.