ADM is Not Selling Grain Handling Business, But is Cutting Jobs
A company spokesperson for Archer Daniels Midland (ADM) told Reuters that despite the rumors, the company is not planning to sell its grain handling business. However, as the global grain market has seen difficult years due to consecutive bumper crops, compounded by an ongoing trade war with China that has significantly cut into trade volumes, ADM announced it will seek voluntary early retirements from some of its North American employees, and may cut individual jobs as part of a restructuring.
Under its plan to strengthen its core business and to establish itself as a global leader in the nutrition sector, the company will undertake a range of actions between now and June 30. As it realigns, the company, which currently has 31,600 full-time employees, will look to streamline and standardize its processes, implement new technologies, and eliminate the overlap in roles and responsibilities. At the same time, it will look to grow its nutrition business through smaller acquisitions and potential joint ventures in agricultural processing and other activities.