ADM doubles cost-savings target

SHARE ADM doubles cost-savings target

Archer Daniels Midland Co. has doubled its cost-savings goal to $400 million by the end of the year.

The agribusiness giant said Thursday it decided to increase the goal after reached its 2014 target of $200 million more than six months early. The company said it achieved savings by emphasizing maintenance, procurement, and improving energy efficiency.

“We’ve sold or are working to sell businesses that we don’t expect will meet our returns criteria long-term,” president and chief operating officer Juan Luciano told investors at the BMO Farm to Market conference in New York City.

“With businesses that can be improved, we’ve taken decisive steps to enhance performance, either by reducing invested capital, managing costs and production levels, or repurposing the asset entirely.”

ADM has announced the sale of its South American fertilizer business and plans to sell its global chocolate and Brazilian sugar ethanol businesses.

ADM building sweetener plant in China

ADM plans to offer sustainable palm oil

The Latest
The superstar announced the dates for her summer world tour, which includes a stop at Soldier Field with concerts on July 22 and 23.
Investigators also discovered a state ID card in Regina Michalski’s name — but bearing her daughter’s photo.
For decades, she traveled from her South Side home to clean the homes of prominent Gold Coast and Lincoln Park families and became a part of their families, too.
Nazar’s hip surgery, which has held him out of the entire 2022-23 season to date, means the Hawks are leaning toward keeping him in college for another year before he turns pro.
The Illinois student spirit group “Orange Krush” had its order for 200 tickets to the men’s game at Carver-Hawkeye Arena on Saturday canceled after Iowa discovered the person who made the purchase falsely claimed the tickets were for a Boys and Girls Club in Champaign.