Archer Daniels Midland Co. (ADM) plans to expand its barge fleet in South America by 50%, Executive Vice President John Rice said Tuesday.

The expansion will allow ADM to better serve its customers globally, Rice said, addressing the annual conference of the Consumer Analyst Group of New York, in Boca Raton, Fla.

Global agribusiness giant ADM is one of the largest purchases of soybeans and grains in South America, and the increased barge capacity will help the company move its cargoes to areas with the greatest demand.

The move to increase the size of the barge fleet was one of many measures that Rice detailed aimed at extracting small cost savings across ADM's extensive operations, helping to improve its performance and increase its profits.

-By Jessica Resnick-Ault, Dow Jones Newswires, 201-938-4435; jessica.resnick-ault@dowjones.com