CEO: Archer Daniels Midland to cut 1,000 jobs

January 11, 2012 - 1:10 PM

ST. LOUIS (AP) — Agribusiness conglomerate Archer Daniels Midland Co. says it will cut 1,000 jobs company wide.

CEO Patricia Woertz said in a Wednesday statement that the majority of the positions will be salaried staff. The move will cut about 15 percent of the company's corporate staff.

The Decatur, Ill.-based company employs 30,000 people worldwide.

Woertz says the company is cutting jobs to boost productivity and profits. The company does everything from processing crops to make food ingredients, to shipping grain overseas.

The last year has been a volatile one for agribusiness companies, with crop prices swinging wildly on global markets.