Tags: archer | adm | job | cuts

Archer Daniels Midland to Cut 1,000 Jobs to Reduce Costs

Wednesday, 11 Jan 2012 01:20 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Archer Daniels Midland Co., the world’s largest grain processor, plans to cut about 1,000 jobs, or 3 percent of its workforce, to reduce costs.

The company will offer voluntary retirement incentives and severance to achieve a significant portion of the job cuts, ADM said today in a statement. When fully implemented, the work- force reduction and other cost-cutting measures will trim annual pretax expenses by more than $100 million, ADM said.

“To ensure that we can continue to compete effectively in our global markets, we are taking actions to streamline our organization and achieve significant, sustained cost reductions,” Patricia Woertz, chief executive officer of Decatur, Illinois-based ADM, said in the statement. “These actions will help us enhance our productivity and earnings power.”

ADM said it expects to record a $50 million to $75 million pretax charge related to these actions in the quarter ending in March, according to the statement.

ADM is among agricultural companies trimming costs and reducing headcount. Closely held Cargill Inc. yesterday reported an 88 percent drop in profit for the fiscal second quarter from a year earlier and in December said it planned to cut as much as 2,000 jobs, or 1.5 percent of its global workforce.

ADM rose 0.5 percent to $28.93 at 12:13 p.m. in New York. The shares have declined 10 percent in the 12 months through yesterday.


© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Jeb Bush: I 'Quit Worrying About' Name Liability 'A Long Time Ago'

Friday, 24 Oct 2014 23:22 PM

Former Florida Gov. Jeb Bush was non-committal to South Carolina donors and business leaders questioning him about his p . . .

Cornyn, Democrat Alameel Meet in Only Debate

Friday, 24 Oct 2014 21:35 PM

Problems with the nation's immigration system have dominated a debate between U.S. Sen. John Cornyn and Democratic chall . . .

GOP Makes Inroads in Mass. Statewide Elections

Friday, 24 Oct 2014 19:51 PM

Republicans in solidly blue-state Massachusetts have been surging in major statewide campaigns in recent years - includi . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved