ADM Cuts 335 Decatur Jobs, Says Total Cuts Will Exceed 1,200

Archer Daniels Midland Co. (ADM) said Tuesday it has cut 335 jobs in Decatur, Ill., and that the total number of company jobs cut will be slightly larger than previously announced.

Of the 335 jobs cut in Decatur, where ADM is headquartered, 160 employees accepted an early retirement package, while 175 were laid off, ADM spokesman David Weintraub said. The cuts are "weighted toward corporate functions," as opposed to the company's business operations, such as corn and soybean processing, Weintraub said.

The cuts are part of a broader plan the grain trader and processor announced in January to cut about 1,000 jobs, or 3% of the company's workforce. The total cuts will end up exceeding 1,200, Weintraub said Tuesday, including separate cuts announced recently related to ADM's closure of a small North Dakota ethanol plant and its ending of a bioplastics joint venture in Iowa.

The company is completing its U.S. job cuts this week, Weintraub said. He declined to specify the total number of U.S. cuts. Weintraub added that the rest of the 1,200 job cuts company-wide will take place globally over the next few months.

Company profits have sagged recently due to poor oilseed processing margins and volatile global grain markets. Privately held Cargill Inc. has suffered similar problems in recent months and in January announced plans to cut 2,000 jobs, or about 1.5% of its global staff.

ADM shares were recently up 0.2% to $31.42 per share. They are up 9.9% so far this year.

-By Ian Berry, Dow Jones Newswires; 312-750-4072; ian.berry@dowjones.com

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