ADM cuts jobs as part of $750 million cost-saving plan

What’s going on at ADM?

Archer-Daniels-Midland (ADM), one of the world’s largest agricultural processors, has announced plans to cut between 600 and 700 jobs globally. The layoffs, initially reported by Reuters, are part of a broader cost-cutting initiative aimed at saving up to $750 million over the next three to five years.

Details

ADM has been grappling with declining profits for the second consecutive year, following a trend seen in the agricultural commodities sector.

• Larger competitor Cargill has faced similar pressures due to a rebound in grain inventories, which has led to lower prices and reduced profitability for traders.
• ADM is dealing with an ongoing accounting investigation that has significantly affected its market value.
• The company is preparing for a potential third year of profit decline.

CEO’s statement

Adapting to Conditions: Board Chair and CEO Juan Luciano emphasized ADM’s need to adapt to shifting market conditions.

• “With softer market conditions and policy uncertainty around the world going into 2025, we are focused on improving our operational performance, accelerating cost savings, and simplifying our portfolio.”
• “As part of that effort, we are announcing targeted actions to deliver $500–750 million in cost savings over the next several years. This represents a continuation of ADM’s commitment to drive simplification and better align our resources to deliver long-term sustainable growth.”

Impact on Canadian staff

It remains unclear how the restructuring will affect ADM employees in Canada.

ADDITIONAL RESOURCES
• Can I be fired after a bad performance review in Ontario?
• What Albertans need to do if they’re fired after a bad performance review
• Fired after a bad performance review in B.C.: Employee rights

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