BUSINESS

Archer Daniels Midland CEO: Company to cut 1,000 jobs, eliminating mostly salaried positions

01/11/2012 12:09 EST | Updated 03/12/2012 05:12 EDT
ST. LOUIS - Agribusiness conglomerate Archer Daniels Midland Co. says it will cut 1,000 salaried jobs companywide, or about about 15 per cent of the company's corporate staff.

The Decatur, Ill.-based company employs 30,000 people worldwide, including about 1,000 in Canada who work at 42 locations across the country.

It does everything from processing crops to making food ingredients, to shipping grain overseas.

ADM spokesman David Weintraub said the company is taking a two-phase approach, starting with a voluntary program available only to salaried employees in the United States.

The second phase may include involuntary layoffs of salaried employees around the world if they're necessary to meet the company's targets, Weintraub said.

ADM chief executive Patricia Woertz says the company is cutting jobs to boost productivity and profits.

The last year has been a volatile one for agribusiness companies, with crop prices swinging wildly on global markets.

— with a file from The Canadian Press