By WMBD TV
DECATUR – Anywhere from 600 to 700 ADM employees around the world could lose their jobs this year as the company looks to cut costs.
The company released Tuesday its financial results on Tuesday for the final quarter of 2024 and for 2024 as a whole. The company brought in net earnings of $1.8 billion across the whole year, but global economic and legislative uncertainty is leading to guidance on how to move into 2025, including cutting costs.
“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 CEO Juan Luciano. “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.”
The cost savings plan will be implemented over the next three to five years, the company said. Specifically, ADM expects to achieve most of this on an annual run-rate basis through improvement in manufacturing costs, reduction in purchased materials and services, and targeted workforce reduction, the latter starting this year.
An estimated 600-700 employees could be affected by the workforce reduction in 2025, the company added.
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