ADM to Streamline Organization, Reduce Global Workforce by 3 Percent
01/11/2012 – Decatur, Ill. – Archer Daniels Midland Company (NYSE: ADM) announced today that it will streamline its organizational structure, reducing its global workforce to enhance the cost structure of the company. Approximately 1,000 positions, primarily salaried, will be eliminated, which represents roughly 3 percent of the company’s 30,000 worldwide workforce. To help achieve this reduction, the company will offer a voluntary early retirement incentive in the U.S.
ADM expects that these actions, in concert with other targeted cost reductions, will, when fully implemented, reduce its annual pre-tax expenses by more than $100 million.
“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,” said Patricia Woertz, ADM chairman and chief executive officer. “These actions will help us enhance our productivity and earnings power.”
The company hopes to achieve a significant portion of the position reductions through the voluntary retirement incentive and will offer severance and outplacement assistance to other affected employees.
“These decisions do not reflect on the talent or dedication of our ADM team,” Woertz said. “They reflect our confidence that we can streamline our organization while maintaining our ability to grow profitability, as well as our commitment to customers and to operational excellence.”
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