Founding date: 1865
Company Name: Cargill
Country: Minnesota, US.
Company Website: Cargill.com
Cargill is an American, privately held, global corporation based in Minnesota, a Minneapolis suburb. Founded in 1865, it is now the largest privately held corporation in the United States in terms of revenue. Upon using “Cargill” as a key word on the google search option Cargill’s twitter account crops up with its India page and its Wikipedia page along with a couple of images used for promotional purposes by the company itself. The company’s official website is not far behind at all.
Conception of Cargill Group
Cargill was founded in 1865 by William W Cargill when he bought a grain flat house in Conover, Iowa. A year later William was joined by his brother, Sam, forming a new association called W.W Cargill and Brother. Together, they built grain flat houses and opened a lumberyard which was a very smart thing to do considering how important lumber was.
As the first World War continued into 1917, Cargill made record earnings and faced criticisms of war profiteering. Four years later, as a fallout from the financial crash of 1920, Cargill posted its first loss. In 1960, Erwin Kelm became the first non-family chief executive. Aiming for expansion into downstream production, he led the company into milling, starches and syrups. As the company got larger, it developed a market intelligence network, as it coordinated its commodities trading, processing, freight, shipping and futures businesses. In the decades before the email, the company relied on its own telex-based system to connect the company. In 1979, Cargill entered the meat processing industry with the purchase of beef processor MBPXL. The division expanded into turkey, foodservice and food distribution businesses and is now known as Cargill Meat Solutions.
Operations of the Cargill Group
A couple of Cargill’s major businesses are trading, purchasing and distributing grain and other agricultural commodities such as palm oil, trading in energy, steel and transport, the raising of livestock and production of feed, producing food ingredients such as corn starch , vegetable oils, glucose syrup and such for use in industrial equipment and processed foods. Cargill also operates a large financial services arm, which manages financial risks in the commodity markets for the company.
In the year, 2003 it split off a portion of its financial operations into a hedge fund called Black River Assets Management with about $10 billion of assets and liabilities. It owned 2/3 of the shares of The Mosaic Company (sold off in2011), one of the world’s leading producers and marketers of concentrated phosphate and potash crop nutrients. Cargill declared revenues of $136.7 billion and the earnings of $2.32 billion in the fiscal year of 2013. Cargill employs over 140,000 employees in 66 countries, it is responsible for 25% of all United States grain exports.
The company also supplies about 22% of the US Domestic meat market, importing more product from Argentina than any other company and is the largest poultry producer in Thailand. All of the eggs used in Mc Donald’s restaurants in the US pass through Cargill’s plants. It is the only producer of Alberger process salt in the US, which is used in the fast food and prepared food industries. A couple of subsidiary companies are Cargill India, Cargill Argentina etc.
A number of important acquisitions that Cargill has acquired. A couple of them are ADM’s global chocolate business, Ventura Foods, EWOS because it wanted to venture into agriculture, they also acquired Fort Worth based Five Star Custom Foods limited, Agrium etc.
Cargill is extremely concerned with the way it leaves its mark on the world and so they take their social and environmental responsibilities very seriously. They are also working to nourish the world in a safe, responsible and sustainable way. They recognize the complex social, economic and environmental issues facing the world.
Awards and recognition
Cargill has won the CECP 2014 Excellence Awards; they were also a finalist for the US Chamber foundation corporate, Cargill was also awarded with a 2015 US Secretary of state’s award for corporate excellence.