ADM Cuts 3% of Workforce

Archer Daniels Midland (ADM) says it will eliminate 1,000 employees, approximately 3% of its global workforce, in an effort to streamline its organizational and cost structure. The company expects its annual pre-tax expenses to be reduced by more than $100 million, with a $50-$75 million pre-tax charge to be incurred in its fiscal third quarter. ADM says early retirement incentives will be offered in the U.S.   Cargill announced 2,000 job cuts in December, citing a weak global economy.    ...

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