CHICAGO (WAND) — Archer Daniels Midland will reduce its global workforce by 600 to 700 people in 2025.
The company announced the layoffs in a quarterly and year-end financial report Tuesday morning.
The reduction, along with other cost-cutting measures, is intended to save the company between $500 - $750 million in the next three to five years.
The report did not specify which sectors are likely to be affected.
On Monday, an ADM spokeswoman told WAND News the company did not comment on speculation or rumored layoffs. It's not clear how many layoffs will happen at its Decatur, Ill., facility which employs approximately 4,000 people.
ADM cited ongoing market challenges and global uncertainty for its cost-cutting measures.
“With softer market conditions and policy uncertainty around the world going into 2025, we are focused on improving our operational performance, accelerating costs savings, and simplifying our portfolio," said ADM Board Chair and CEO Juan Luciano in a statement.
The financial report showed profits down at the global agricultural company compared to 2023. It's quarterly revenue was also lower than expected.
ADM is a one of the world's largest agricultural companies. It processes ag products for both human and animal consumption. Falling crop prices and global trade have impacted ADM"s business as it has other agricultural companies.
ADM employs approximately 40,000 people all over the world.
This is a developing story.
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