Cargill
From MarketsWiki
| Cargill | |
| |
| Founded | 1865 |
|---|---|
| Headquarters | Minneapolis, MN |
| Key People | Gregory R. Page, President, Chairman and CEO |
| Employees | 158,000 in 66 countries |
| Products | 80 business units in five segments |
| Web site | http://www.cargill.com |
Cargill was the number one U.S. private company in 2007 measured by number of employees and ranked number two by annual revenue by Forbes Magazine.[1] The diversified 150-year-old agribusiness giant is presently experiencing strong overall earnings and profits growth as prices of food and agricultural commodities continue rising.
Contents |
History
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Cargill began with a focus on grain trade in 1865 and expanded abroad in the early twentieth century. After further expansions following WWII, Cargill grew to a workforce of 5,000 by the early 1960s and nearly 55,000 by 1990.[2]Cargill currently employs more than three times that figure and has net earnings of $2.34 billion.
Fiscal year 2007 was Cargill's fifth in succession of record net earnings and reflected an increase of 36% on the 2006 figure of $1.73 billion.[3] Cargill stated that it had reinvested most of its 2007 profits on acquisitions in the animal feed distribution, oilseed processing, flour milling and biofuel production.
Cargill also holds the distinction of making the last big sale to now-defunct and disgraced former commodities-broking high-flier Refco, which imploded in secret debt in October 2005. The conglomerate agreed to sell its commodities and futures brokerage business Cargill Investor Services to Refco just four months before for $208 million. MF Global snapped up the remains of Refco at auction in November for just over $250 million.
Latest News
Cargill has continued this strong perfomance into 2008, recently posting third-quarter (ending Feb. 29) net earnings of $1.03 billion, up 86 percent on last year's $553 million.[4] Cargill's earnings for the first three quarters of fiscal 2008 hit $2.9 billion, 69 percent higher than the same period of 2007. The company again attributed the latest gains to rising world demand for food and energy.
Products and Services
Cargill's products are organized into five main market segments:
- Agriculture Services
- Food Ingredients and Applications
- Origination and Processing
- Risk Management and Financial
- Industrial
Key People
Chairman, President and Chief Executive Officer Gregory R. Page[5] has worked at Cargill since 1974, including a stint with the company's Singapore operations, and was made president of the company's North American beef operations in 1994. Page was appointed Cargill's president and chief operating officer on 2000, and he then replaced outgoing chief executive Warren R. Staley[6] in June of 2007.
References
- ↑ America's Largest Private Companies. Forbes. Retrieved on April 22, 2008.
- ↑ History summary. Cargill. Retrieved on April 22, 2008.
- ↑ Cargill Reports Fourth Quarter and Fiscal 2007 earnings. Cargill. Retrieved on April 22, 2008.
- ↑ Cargill Reports Third Quarter Earnings. GrainNet.com. Retrieved on April 22, 2008.
- ↑ Gregory R. Page. nndb.com. Retrieved on April 14, 2008.
- ↑ Warren R. Staley. nndb.com. Retrieved on April 14, 2008.
