CEO: ADM to cut 1,000 jobs
By ASSOCIATED PRESS January 11, 2012 11:24AM
In this photo taken Aug. 2011, the Archer Daniels Midland Company headquarters and plant is in Decatur, Ill. Agribusiness conglomerate Archer Daniels Midland Co. announced plans Wednesday, Jan. 11. 2012 to cut 1,000 jobs, or about 3 percent of its total workforce, with the majority of the positions being salaried staff. (AP Photo/Seth Perlman)
Updated: January 12, 2012 3:07PM
Agribusiness conglomerate Archer Daniels Midland Co. will cut 1,000 jobs company wide, the company’s CEO announced Wednesday.
The majority of the positions will be salaried staff, CEO Patricia Woertz said in a statement. The move will cut about 15 percent of the Decatur-based company’s corporate staff, and about 3 percent of its total work force.
ADM employs 30,000 people worldwide.
Woertz said the company is cutting jobs to boost productivity and profits. The company does everything from processing crops to make food ingredients to shipping grain overseas.
The company said it will first offer employees a chance to voluntarily retire early if they are at least 57 years old and meet other requirements.
The last year has been a volatile one for agribusiness companies, with crop prices swinging wildly on global markets. AP
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