Reuters’ Karl Plume reported Tuesday that “grains merchant Archer-Daniels-Midland posted its lowest fourth-quarter adjusted profit in six years on Tuesday on weak oilseed crush margins and uncertainty over U.S. biofuel policy and said it is cutting costs and slashing up to 700 jobs to weather the market downturn.”
“Chicago-based ADM said it aimed to cut costs by $500 million to $750 million over the next three to five years via job cuts and lower raw materials and manufacturing costs,” Plume reported. “Reuters had reported last week that the grain trader would soon start laying off employees in a global effort to cut costs, with the bulk of cuts expected in the United States, according to sources. ADM did not provide details about the cuts, which would represent roughly 1.7% of its global workforce.”
