ROCKINGHAM COUNTY, VA (Rocktown Now) — Cargill is announcing significant layoffs.

The Minnesota-based food production giant is laying off about 5% of its global workforce as food commodity prices drop.

Cargill’s profits fell 36% in the past fiscal year, leading the company to a corporate restructuring.

Cargill has more than 160,000 employees, according to its 2024 report, which means there will be an estimated eight thousand cuts.

Company officials did not immediately provide further specifics around the layoffs.

Cargill has a plant in Dayton, but it is not known if they will be affected.