![]() | |
![]() Headquarters in Chicago | |
ADM | |
Company type | Public |
Industry | |
Founded | 1902Minneapolis, Minnesota, U.S. | in
Founders | |
Headquarters | 77 West Wacker Drive Chicago, Illinois, U.S. |
Key people | Juan Luciano (chairman and CEO) |
Products | |
Services | Flour milling |
Revenue | ![]() |
![]() | |
Total assets | ![]() |
Total equity | ![]() |
Number of employees | 41,802 (2023) |
Subsidiaries | American River Transportation Company |
Website | adm |
Footnotes / references [1] |
![](https://upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Archer-Daniels-Midland_Company_logo_%28type_2%29.svg/150px-Archer-Daniels-Midland_Company_logo_%28type_2%29.svg.png)
![](https://upload.wikimedia.org/wikipedia/commons/thumb/9/9d/Archer-Daniels-Midland_Company_former_logo.svg/150px-Archer-Daniels-Midland_Company_former_logo.svg.png)
The Archer-Daniels-Midland Company, commonly known as ADM, is an American multinational food processing and commodities trading corporation founded in 1902 and headquartered in Chicago, Illinois. The company operates more than 270 plants and 420 crop procurement facilities worldwide, where cereal grains and oilseeds are processed into products used in food, beverage, nutraceutical, industrial, and animal feed markets worldwide.
ADM ranked No. 35 in the 2023 Fortune 500 list of the largest United States corporations.[2]
The company also provides agricultural storage and transportation services. The American River Transportation Company along with ADM Trucking, Inc., are subsidiaries of ADM.
ADM has been the subject of significant media attention and infamy over the years with its various scandals, one inspiring a novel and subsequent film The Informant!.
History
[edit]Early history
[edit]In 1902, John W. Daniels started a linseed crushing business in Minneapolis, Minnesota.[3][4][5] George A. Archer joined the operation the next year, and in 1905 the firm's name officially became the Archer-Daniels Linseed Company.[3][6] In 1923, Archer-Daniels Linseed Company acquired Midland Linseed Products Company and then incorporated as the Archer Daniels Midland Company.[7][8] The new corporation had total assets exceeding $11 million and controlled just over a third (35%) of the total linseed mill capacity within the United States.[9][7]
In 1924, ADM was listed on the New York Stock Exchange.[10][11][12] A series of acquisitions over the next several years expanded the company's oil processing capabilities and agricultural operations, and a grain division was established in 1927.[13][14] In 1930, ADM purchased control of the flour milling company Commander-Larabee Corp., which was capable of producing 32,000 barrels of flour per day.[15][16][17] In 1934 the company began operating its first continuous solvent extraction plant in Chicago, Illinois and could now produce soybean oil.[14][18] The rapid development of similar extraction plants soon followed.[18]
By 1952, Archer Daniel Midland's workforce had expanded to 5,000 employees,[19] and by 1952 the company was operating overseas and manufacturing over 700 products.[20]
In 1962, the company acquired a trademark for "ADM" and began referring to itself by those initials.[21] In 1965, ADM registered the original patent for textured vegetable protein and began producing the soy flour product at its Decatur East Plant by 1966.[22][23]
In 1966, Dwayne Andreas and his brother Lowell Andreas became minority shareholders in ADM.[24] In 1969, ADM relocated its headquarters from Minneapolis to Decatur, Illinois, a location closer to the company's soybean processing operations.[25][26] At this time, it was already considered one of the world's largest agribusiness company, with a labor force of more than 24,000 employees.[27]
Dwayne Andreas period (1970–1997)
[edit]Dwayne Andreas was named CEO of ADM in 1970,[4] and two years later was elected chairman of the company's board.[28] Under his leadership, Archer Daniels Midland acquired many smaller agricultural companies and expanded into international markets,[29] eventually becoming one of the world's largest agricultural processing companies.[4][30] During this period, the company's soybean exports increased from $1.5 billion to $7 billion.[4][31]
Started | Name |
---|---|
1970 | Dwayne Andreas |
1997 | G. Allen Andreas |
2006 | Patricia A. Woertz |
2015 | Juan Luciano |
In 1974, ADM made its first expansion into Europe and South America when the company acquired soybean plants in Holland and Brazil.[32][8]
In 1982, ADM established international grain operations when it purchased a portion of Toepfer International, a Germany-based grain trading firm.[33]
In 1989, ADM purchased Collingwood Grain Inc. based in Hutchinson Kansas, adding 48 million bushels of grain storage at 36 terminal elevators.[34] Dwayne Andreas stepped down from his position as CEO in 1997 and was succeeded by his nephew G. Allen Andreas.[35] The transition occurred a year after the company pleaded guilty to price-fixing.[30][29]
2001–present
[edit]In 2001, Paul B. Mulhollem became the company's president.[36] In December 2001, ADM completed the first U.S. commercial sale to Cuba since the embargo was imposed in October 1960.[37] The next year ADM sponsored a major agribusiness show in Havana, where the company signed a $10 million contract with Cuba’s food import agency, Alimport, to deliver rice, cooking oil, and soy.[37]
In March 2006, G. Allen Andreas announced he was stepping down as CEO.[38] Later, in May 2006, Patricia A. Woertz became the company's chief executive officer.[39] In February 2007, Woertz was elected chairman of the board at ADM.[40] In 2012, the company sought to acquire strategic holdings to support serving Asian markets through the acquisition of GrainCorp, an Australian grain firm with a network of storage and port facilities in Australia.[41] On November 28, 2013, the acquisition was blocked by the Australian Treasurer Joe Hockey after Australia's Foreign Investment Review Board failed to reach a consensus recommendation.[41]
The company moved its headquarters to Chicago in 2014.[42]
That same year, ADM completed its acquisition of Toepfer International, Germany's largest grain trader, and renamed the company ADM Germany GmbH.[43] The company also announced that it would buy Swiss-German natural ingredient company Wild Flavors for $3 billion, a move aimed at expanding ADM into health-oriented food sectors.[44]
ADM announced the appointment of current CEO Juan R. Luciano on November 5, 2014.[45] Luciano initially joined the company in 2011 as chief operating officer.[39] Under Luciano's leadership, the company restructured its business segments and pursued an aggressive strategy of acquisitions that expanded its human and animal nutrition business.[46] In October 2015, ADM announced the sale of its global cocoa business to Olam International. The sale was valued at about $1.2 billion.[47] Approximately 1,500 employees transferred to Olam with the sale.[48] In January 2017, ADM agreed to sell its crop risk services (insurance) unit to Validus Holdings for $127.5 million.[49]
In October 2016, ADM launched its venture capital arm, ADM Ventures, which focused initially on alternative proteins.[50]
The Wall Street Journal reported in January 2018 that ADM had approached Bunge Ltd. about a takeover, with details "unclear" at the time.[51] At that point, Bunge had a market value of about $9.8 billion, and was also being pursued by Glencore PLC for acquisition, since May 2017.[52] In January 2019, Juan Luciano clarified the company didn't need a "monster transformational transaction" and a deal was never made.[53]
In March 2018, ADM restructured its business segments into four units: carbohydrate solutions, nutrition, oilseeds, and origination or ag services.[54] The next year, the company announced it was consolidating the ag services and oilseed units.[55]
In September 2021, ADM acquired a 75% stake in four pet food companies for a total of $450 million, including PetDine, Pedigree Ovens, NutraDine, and The Pound Bakery.[56] Later that year in November, ADM acquired Serbian soy agribusiness Sojaprotein,[57] and completed its acquisition of Deerland Probiotics & Enzymes.[58]
In 2022, ADM saw rising profits due to the Russian invasion of Ukraine and the global food crisis.[59]
Environmental record
[edit]The company has been the subject of several major federal lawsuits related to air pollution. In 2001, it agreed to pay a $1.46 million fine for violating federal and Illinois clean-air regulations at its Decatur feed plant and to spend $1.6 million to reduce air pollution there.[60] In 2003, the company settled federal air pollution complaints related to its efforts to avoid New Source Review provisions of the Clean Air Act that require pollution control upgrades when a plant is modernized. The company paid $4.5 million in penalties and more than $6 million to support environmental projects. In addition, ADM agreed to eliminate more than 60,000 tons of emissions of carbon monoxide, particulate matter, volatile organic compounds, and other pollutants from 42 plants in 17 states, at a cost of hundreds of millions of dollars.[61]
Carbon footprint
[edit]ADM reported Total CO2e emissions (Direct + Indirect) for the twelve months ending December 2022 at 15,630 Kt (-370 year over year).[62] In April 2020, ADM announced that by 2035, the company intends to have reduced its greenhouse gas emissions by 25%, and its energy intensity by 15%.[63]
Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 |
---|---|---|---|---|---|
17,471[64] | 17,363[65] | 17,800[66] | 16,230[67] | 16,000[68] | 15,630[69] |
Underground CO2 storage
[edit]The American Recovery and Reinvestment Act of 2009, the economic stimulus package developed in response to the Great Recession, included a $3.4 billion allocation for the Department of Energy's office of fossil fuel, the majority of which was slated for the Industrial Carbon Capture and Storage (ICCS) program.[70] Through this ICCS initiative,[71] the Department of Energy co-sponsored two large-scale capture and storage projects at ADM facilities in Illinois.[72] These projects were intended to test the feasibility of underground disposal of carbon dioxide emissions.[73]
In November 2011, the first of these projects, the Illinois Basin - Decatur Project (IBDP), began operation.[74] The project involved injecting carbon captured at an ADM biofuel facility into Mount Simon Sandstone, a saline reservoir.[73] This project was carried out by the Midwest Geological Sequestration Consortium at the University of Illinois.[73] The Department of Energy provided $66.7 million in funding, with other funding coming from private partners.[75]
After three years of injection, it was determined that the sandstone was accepting CO2 in an easier fashion than was originally expected.[75] In 2017, operations began on a larger project, the Illinois Industrial Carbon Capture and Storage Project (IL-CCS),[76] which again involved injecting carbon into Mount Simon Sandstone, but this time at a different location and at a much higher volume.[77] Whereas the first project involved injecting one million tons of carbon underground over three years, the IL-CCS project involved storing that same amount in only one year.[77] The Department of Energy contributed $141 million to the project, while the private sector cost share amounted to over $66 million.[78] Other partners included Richland Community College and the Illinois State Geological Survey.[78]
In November 2020, Investigate Midwest reported that the Illinois Industrial Carbon Capture and Storage Project had not reached its milestone of one million tons stored and had only stored approximately half that amount, and that carbon emissions from the Decatur facility had actually increased from 4.2 million tons of carbon dioxide in 2016, the year before the project launched, to 4.4 million in 2019.[79] The United States Department of Energy responded that the agency wasn't concerned about the project reaching the stated goals, as ADM successfully demonstrated that the storage technologies work and could be utilized for future projects.[79]
In August 2021, ADM announced that its US flour milling operations had achieved net carbon neutral status, in part due to the Decatur capture and storage project.[80]
In March 2023, the Decatur City Council voted unanimously to allow ADM to expand its carbon sequestration program onto city land,[81] with the company paying the city $450 per acre of land.[82] The agreement enabled ADM to inject liquified carbon dioxide into "pore space" 1.25 miles under land owned by the city of Decatur.[82]
Regenerative agriculture
[edit]In September 2022, PepsiCo and ADM established a partnership on regenerative agriculture projects that would increase the practice across their North American supply chains and help the companies meet carbon reduction goals.[83] In July 2023, ADM launched an expansion of the program, which offers producers financial incentives and technical support to implement regenerative practices.[84] As of December 2023, the company had allocated nearly 2 million acres of land within its supply chain for the program.[85]
Products
[edit]Products include oils and meal from soybeans, cottonseed, sunflower seeds, canola, peanuts, flaxseed, Palm kernel, and DAG oil, as well as corn germ, corn gluten feed pellets, syrup, starch, glucose, dextrose, crystalline dextrose, high fructose corn syrup sweeteners, chocolate, ethanol, and wheat flour. End uses are consumption by people, livestock, and additives for fuel. In January 2008, ADM signed a three-year memorandum of understanding with Daimler AG and Bayer CropScience to explore the use of jatropha as a feedstock for biofuel.[86][87] Natural flavors were added to ADM's product portfolio with the 2014 acquisition of Wild Flavors[88] and vanilla products were added through the acquisition of Rodelle in 2018.[89]
Long known as a food and ingredients company, it has also invested in fuel production. ADM nearly doubled capital spending in its 2007 budget to an estimated $1.12 billion. The increase is planned for bioenergy projects, focusing on bioethanol and biodiesel.[90]
Oilseeds processing
[edit]The oilseeds processing segment includes global activities related to the origination, merchandising, crushing, and further processing of oilseeds such as soybeans and soft seeds (cottonseed, sunflower seed, canola, and flaxseed) into vegetable oils and protein meals.[91]
The first quarter of 2020, during the COVID-19 pandemic, saw the operating profit of Ag Services and Oilseeds (ADM's biggest revenue segment) rise $422 million, or 1.2%.[92]
Corn processing
[edit]ADM's corn processing segment is engaged in corn wet milling and dry milling activities, with its asset base primarily located in the central part of the United States. The Corn Processing segment converts corn into sweeteners and starches, and bioproducts. Its products include ingredients used in the food and beverage industry including sweeteners, starch, syrup, glucose (dextrose). Dextrose and starch are used by the Corn Processing segment as feedstocks for its bioproducts operations.[91] In 2021, ADM was ranked second on the Top 50 Global Sweetener Companies list by FoodTalks.[93]
Agricultural services
[edit]![](https://upload.wikimedia.org/wikipedia/commons/thumb/6/65/SperryFlourMillSpokane.jpg/220px-SperryFlourMillSpokane.jpg)
ADM's agricultural services segment uses its U.S. grain elevator, global transportation network, and port operations to buy, store, clean, and transport agricultural commodities, such as oilseeds, corn, wheat, milo, oats, rice, and barley, and resells these commodities primarily as food and feed ingredients and as raw materials for the agricultural processing industry.[91]
Investor services
[edit]ADM investor services, Inc. is a registered futures commission merchant and a clearing member of all principal commodities exchanges in the U.S. ADM Investor Services International, Ltd., a member of commodity exchanges and clearing houses in Europe, and ADMIS Hong Kong Limited, offer broker services in Europe and Asia.[91]
Scandals
[edit]Sherman antitrust violation
[edit]In 1920 the US Department of Justice brought suit against the National Linseed Oil Trust for violating the Sherman Antitrust Act. Several co-defendants were named, including the Archer-Daniels Manufacturing Company. The suit alleged all of these companies were acting in collusion to raise prices, citing a spike in linseed oil costs between 1916 and 1918, when the price rose from $.50 per gallon to $1.80.[94]
Price fixing
[edit]In 1993, the company was the subject of a lysine price-fixing investigation by the U.S. Justice Department. Senior ADM executives were indicted on criminal charges for engaging in price-fixing within the international lysine market. In a tape played at the trial, ADM's President said that a single phrase inspired the company: "Our competitors are our friends. Our customers are the enemy."[95] Three of ADM's top officials, including vice chairman Michael Andreas were eventually sentenced to federal prison in 1999. Moreover, in 1997, the company was fined $100 million, the largest antitrust fine in U.S. history at the time.[96] Mark Whitacre, FBI informant and whistleblower of the lysine price-fixing conspiracy, would also find himself in legal trouble for embezzling money from ADM during his time as an informant for the FBI. In addition, according to ADM's 2005 annual report, a settlement was reached under which ADM paid $400 million in 2005 to settle a class action antitrust suit.[97] The Informant is a nonfiction thriller book based on this event, which was later adapted into the 2009 film The Informant!.[98]
Tax dodging
[edit]A noteworthy case of transfer mispricing came to light in 2011 in Argentina involving the world's four largest grain traders: ADM, Bunge, Cargill and LDC. Argentina's revenue and customs service began an investigation into the four companies when prices for agricultural commodities spiked in 2008 and yet very little profit for the four companies had been reported to the office. As a result of the investigation, it was alleged that the companies had submitted false declarations of sales and routed profits through tax havens or through their headquarters. In some cases, they were said to have used phantom firms to buy grain and had inflated costs in Argentina in order to reduce the recorded profits earned in the country.[99] According to the country's revenue and customs service, the outstanding taxes amounted to almost US$1 billion.[100] The companies involved have denied the allegations. To date, the Argentinian tax authorities have not replied to the Swiss NGO Public Eye’s request regarding the current state of the case.[101] In its 2018 annual report to the US Securities and Exchange Commission (SEC), Bunge mentioned provisions which suggest that the case is still ongoing: "[A]s of December 31, 2018, Bunge's Argentine subsidiary had received income tax assessments relating to 2006 through 2009 of approximately 1,276 million Argentine pesos (approximately $34 million), plus applicable interest on the outstanding amount of approximately 4,246 million Argentine pesos (approximately $113 million[102])."[103]
Violation of the Foreign Corrupt Practices Act
[edit]On December 20, 2013, the SEC announced that it had charged ADM for failing to prevent illicit payments (bribes) made by its foreign subsidiaries to Ukrainian government officials in violation of the FCPA. Alfred C. Toepfer International Ukraine Ltd. (ACTI Ukraine), plead guilty in the Central District of Illinois to one count of conspiracy in violation of the anti-bribery sections of the FCPA. They agreed to pay $17.8 million in fines. The Department of Justice also entered into a non-prosecution agreement with ADM due to the company's failure to implement a system of internal financial controls, addressing improper payments both in Ukraine and by an ADM joint venture in Venezuela. ADM agreed to pay more than $36 million to settle the SEC's charges, bringing the total amount paid to over $54 million.[104][105]
The Swiss NGO Public Eye elaborated the case.[106][107]
Sonny Perdue land sale
[edit]In 2021, an investigation by the Washington Post found that ADM had sold land to incoming Secretary of Agriculture Sonny Perdue in 2017 at a fraction of its estimated value. Ethics lawyers had legal and ethical concerns about the sale, questioning whether it amounted to bribery. According to the Post, ADM "sold the land at a small fraction of its estimated value just as it stood to benefit from a friendly secretary of agriculture."[108]
Accounting practices
[edit]In 2020, ADM's board agreed to have bonuses of senior executives tied to the nutrition segment's success—a unit which accounts for less than 10 percent of the company's revenue—replacing the standard practice of tying the award to adjusted earnings. In January 2023, its seven top executives collectively received shares worth about $72 million for exceeding those performance metrics.[109][110]
In January 2024, ADM disclosed that the SEC requested information regarding its accounting practices at its nutrition business on "intersegment transactions." ADM suspended its CFO, postponed its quarterly earnings report and annual filings, and said it was cooperating with the SEC investigation.[111] In March 2024, FBI agents delivered grand jury subpoenas to current and former employees of ADM, authorized by officials at the U.S. attorney's Manhattan office.[112]
See also
[edit]References
[edit]- ^ "2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 12, 2024.
- ^ "Fortune 500". Fortune. Retrieved June 28, 2023.
- ^ a b Pederson, Jay P. (2000). International Directory of Corporate Histories. Vol. 32. St. James Press. p. 57. ISBN 9781558623910.
John W. Daniels began crushing flaxseed to make linseed oil in Ohio in 1878, and in 1902 he moved to Minneapolis, Minnesota, to organize the Daniels Linseed Company. The company consisted of a flax crushing plant that made three products: raw linseed oil, boiled linseed oil, and linseed cake or meal. In 1903 George A. Archer joined the firm, and in a few years it became the Archer-Daniels Linseed Company.
- ^ a b c d Schneider, Keith (November 17, 2016). "Dwayne O. Andreas, Who Turned Archer Daniels Midland Into Food Giant, Dies at 98". The New York Times. Retrieved April 19, 2023.
- ^ Black, Sam; Halter, Nick (October 4, 2013). "Why ADM should move home to Minnesota". Minneapolis / St. Paul Business Journal. Retrieved April 19, 2023.
- ^ Cayton, Rodd (October 9, 2003). "ADM's bean processing plant isn't doing soy bad in Lincoln". Lincoln Journey Star – via Nexis.
Company founded in Minneapolis in 1902 by John W. Daniels as Daniels Linseed Co. Changed name to Archer Daniels Linseed Co. in 1905; became Archer Daniels Midland in 1923.
- ^ a b Pederson, Jay P. (2000). International Directory of Corporate Histories. Vol. 32. St. James Press. p. 57. ISBN 9781558623910.
In 1923 the company purchased the Midland Linseed Products Company and then incorporated as the Archer Daniels Midland Company.
- ^ a b Valente, Michael (2009). "Archer Daniels Midland Company (ADM)" (PDF). American Chemical Society.
- ^ "ADM Milling closing N Kansas City mill". Wausau Daily Herald. April 23, 1923. p. 10. Retrieved April 20, 2023.
Merger of the Archer of the Archer-Daniels Linseed company and Midland Linseed Products company of Minneapolis into a corporation with total assets exceeding $11,000,000 and which will control about thirty-five per cent of the linseed mill capacity of the United States, became known here today.
- ^ Mall, Scott (April 11, 2021). "FreightWaves Haul of Fame: ADM Trucking serves ADM and others". FreightWaves. Retrieved July 5, 2023.
The company went public in 1924, and was listed on the New York Stock Exchange.
- ^ LUSVARDI, CHRIS (December 3, 2009). "ADM execs ring closing bell at New York Stock Exchange". Herald-Review.com. Retrieved April 19, 2023.
- ^ Mattioli, Dana; Bunge, Jacob (January 19, 2018). "ADM Has Made Takeover Approach to Bunge Ltd". The Wall Street Journal. Retrieved April 19, 2023.
- ^ Pederson, Jay P. (2000). International Directory of Corporate Histories. Vol. 32. St. James Press. p. 57. ISBN 978-1-55862-391-0.
Throughout the 1920s the company made steady purchases of oil processing companies in the Midwest while engaging in other agricultural activities.
- ^ a b Kotrba, Ron; Bryan, Tom (April 1, 2006). "Holding Its Lead". Ethanol Producers Magazine. Retrieved April 19, 2023.
In 1927, ADM's grain division was established, and in 1934, the company initiated its first continuous solvent extraction at its Chicago soybean crushing facility, using soybeans and the new chemical process to successfully extract soybean oil from the oilseeds.
- ^ "Business: Commander to the Gulf". Time. June 27, 1932.
- ^ Sosland, Josh (March 10, 2010). "ADM Milling closing N Kansas City mill". Baking Business. Retrieved April 20, 2023.
- ^ Mitchell, Julie A. (2001). Notable Corporate Chronologies. Vol. 1. Gale Group. p. 162. ISBN 978-0-7876-5050-6.
1930: ADM acquires the Commander - Larabee Co., a huge flour miller capable of producing 32,000 barrels per day.
- ^ a b MacGree, Ernest A. (August 1947). "Vegetable Oil extraction solvents; History and general composition". Oil Mill Gazetter. International Association of Oil Mill Superintendents. Retrieved July 5, 2023 – via Texas A&M University.
The ADM plant in March 1934 represented a 'turning point and marketed the beginning of the large scale edible oil extraction industry as it is known today.' Installations of other large-capacity continuous plants followed in rapid succession.
- ^ Kotrba, Ron; Bryan, Tom (April 1, 2006). "Holding Its Lead". Ethanol Producers Magazine. Retrieved April 19, 2023.
By 1952, ADM's workforce had grown to 5,000 employees.
- ^ Pederson, Jay P. (2000). International Directory of Corporate Histories. Vol. 32. St. James Press. p. 57. ISBN 978-1-55862-391-0.
When President Thomas L. Daniels (son of the founder) and Chairperson Samuel Mairs celebrated Archer Daniels Midland's 50th anniversary in 1952, the company was manufacturing over 700 standard products and had extended its operations overseas.
- ^ Aoyagi, Akiko; Shurtleff, William (August 7, 2020). History of ADM (Archer Daniels Midland Co.) and the Andreas Family's Work with Soybeans and Soyfoods (1884-2020) (PDF). Soyinfo Center. p. 6.
1962 April – Archer Daniels Midland Co. introduces a new trademark and decides to consistently call itself "ADM" (Soybean Digest, p. 27).
- ^ Reid, Tony (September 30, 2022). "Decatur a central part of ADM's past, future". Herald & Review. Retrieved April 21, 2023.
- ^ "Archer-Daniels-Midland: "ADM Has the Formulation Knowledge That Brings New and Exciting Products to Life" - vegconomist - the vegan business magazine". Vegconomist. December 2, 2021. Retrieved April 21, 2023.
- ^ Meersman, Tom (November 29, 2016). "Obituary: Former ADM executive Dwayne Andreas had deep ties to Minnesota and Hubert Humphrey". Star Tribune. Retrieved April 21, 2023.
- ^ Gasparro, Annie (September 26, 2013). "ADM Leaves Decatur With Little Town Blues". The Wall Street Journal. Retrieved February 17, 2021.
It moved its headquarters here from Minneapolis in 1969.
- ^ Perlman, Seth (March 1, 2017). "Archer Daniels Midland - 4,159 employees". Herald & Review. Retrieved February 17, 2021.
ADM first found a home in Decatur in 1939 and in 1969 ADM moved its corporate offices and research laboratory to Decatur.
- ^ Aoyagi, Akiko; Shurtleff, William (2020). History of ADM (Archer Daniels Midland Co.) and the Andreas Family's Work with Soybeans and Soyfoods (1884-2020): Extensively Annotated Bibliography and Sourcebook. Soyinfo Center. p. 165. ISBN 978-1-948436-23-6.
- ^ Aoyagi, Akiko; Shurtleff, William (August 7, 2020). History of ADM (Archer Daniels Midland Co.) and the Andreas Family's Work with Soybeans and Soyfoods (1884-2020) (PDF). Soyinfo Center. p. 8.
1972 – Dwayne Andreas is elected chairman of the board at ADM.
- ^ a b Mercer, David (November 16, 2016). "Dwayne Andreas, who transformed Archer Daniels Midland into global powerhouse, dies at 98". Washington Post. Retrieved April 19, 2023.
His use of political clout — and his aggressive acquisition of smaller companies and expansion into new markets — built ADM into one of the world's largest agricultural processing, marketing and distributing companies.
- ^ a b Miller, Stephen (November 16, 2016). "Dwayne Andreas, Who Made ADM World's Supermarket, Dies at 98". Bloomberg. Retrieved April 19, 2023.
- ^ Meersman, Tom (November 29, 2016). "Former ADM executive Dwayne Andreas had deep ties to Minnesota and Hubert Humphrey". Star Tribune. Retrieved May 29, 2022.
- ^ Aoyagi, Akiko; Shurtleff, William (August 7, 2020). History of ADM (Archer Daniels Midland Co.) and the Andreas Family's Work with Soybeans and Soyfoods (1884-2020) (PDF). Soyinfo Center. p. 8.
1974 – ADM in Brazil. 1974 acquired; soybean processing, edible oil refinery; Technologia Tecnologia em Vegetais e Proteinas SA / 50% 1974 acquired / soybean processing, edible oil;
- ^ Aoyagi, Akiko; Shurtleff, William (August 7, 2020). History of ADM (Archer Daniels Midland Co.) and the Andreas Family's Work with Soybeans and Soyfoods (1884-2020) (PDF). Soyinfo Center. p. 8.
1982 Dec. – ADM buys 80% of Alfred C. Toepfer International (ACTI), a grain trading firm based in Germany. With this, ADM became a multinational grain trader
- ^ "Collingwood to Sell Units". Retrieved July 25, 2022.
- ^ Eichenwald, Kurt (April 18, 1997). "Andreas Retires as Chief of Archer Daniels". The New York Times. ISSN 0362-4331. Retrieved April 21, 2023.
- ^ "Archer Daniels Midland, Form 10-K, Annual Report, Filing Date Sep 20, 2002". secdatabase.com. Retrieved January 13, 2013.
- ^ a b "U.S. Companies Make Millions At Cuba Business Fair". PBS News hour. October 1, 2002. Retrieved September 21, 2023.
- ^ Lambert, Emily (March 24, 2006). "End of the Line". Forbes. Retrieved April 21, 2023.
- ^ a b Cancino, Alejandra (November 6, 2014). "Pat Woertz retiring; ADM names new CEO". Chicago Tribune. Retrieved April 20, 2023.
- ^ "Archer Daniels Midland, Form 8-K, Current Report, Filing Date Feb 6, 2007". secdatabase.com. Retrieved January 13, 2013.
- ^ a b Feast, Lincoln; Packham, Colin (November 28, 2013). "Australia surprises with rejection of $2.55 billion GrainCorp takeover by ADM". Reuters. Retrieved May 1, 2023.
- ^ LUSVARDI, CHRIS (August 26, 2014). "ADM settles in at new Chicago headquarters". Herald-Review.com. Retrieved February 24, 2021.
- ^ Nicholson, Marcy; Polansek, Tom (April 15, 2014). "ADM to keep its cocoa presses but to sell chocolate business". The Associated Press. Retrieved September 21, 2023.
- ^ Almeida, Isis (October 21, 2020). "Commodities King ADM Pivots to Pet Food, Veggie Burgers, and Probiotics". Bloomberg. Retrieved September 21, 2023.
Fighting stagnation in its old-line businesses, the company is searching for growth in the future of nutrition.
- ^ "Pat Woertz retiring; ADM names new CEO". Chicago Tribune. November 6, 2014.
- ^ "ADM says to focus on organic growth after acquisitions". Reuters. November 13, 2019. Retrieved March 9, 2021.
Grain trader Archer Daniels Midland Co ADM does not expect to continue its aggressive strategy of acquisitions in the next few years and will instead focus on organic growth, a senior official said on Wednesday.
- ^ Hunt, Sarah McFarlane (October 16, 2015). "Olam completes acquisition of ADM's cocoa business". Reuters. Retrieved October 2, 2020.
- ^ "ADM Completes Sale of Global Cocoa Business". Adm.com. Archived from the original on November 20, 2015. Retrieved November 19, 2015.
- ^ "Deals of the day-Mergers and acquisitions". Reuters. January 31, 2017. Retrieved May 10, 2023.
- ^ Nunes, Keith (January 10, 2023). "ADM Ventures investing in the future of food". Food Business News. Retrieved May 15, 2023.
'One of the first focus areas for ADM Ventures was alternative proteins,' said Darren Streiler, vice president of venture capital. 'ADM has an over 75-year history in plant-based proteins, but ADM Ventures was charged with looking beyond ADM's business in plant proteins.'
- ^ Bunge, Jacob; Mattioli, Dana (January 19, 2018). "ADM Has Made Takeover Approach to Bunge Ltd". The Wall Street Journal. The New York Times, New York City, United States. Retrieved May 1, 2023.
- ^ Bunge, Jacob; Mattioli, Dana (January 19, 2018). "ADM Has Made Takeover Approach to Bunge Ltd". The Wall Street Journal. New York City, United States. Retrieved January 21, 2018.
- ^ Huffstutter, P.J.; Stauffer, Caroline (January 16, 2019). "Exclusive: ADM CEO says wrong time for 'monster' acquisitions". Reuters. Retrieved May 1, 2023.
- ^ Huffstutter, P.J.; Polansek, Tom (March 19, 2018). "ADM restructures business groups as grain margins falter". Reuters. Retrieved April 29, 2023.
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This is the second carbon capture and storage project that ADM has helped to lead. The previous project involved removing and storing approximately 1 million tons of carbon over three years as part of the smaller scale Illinois Basin – Decatur Project, which was led by the Midwest Geological Sequestration Consortium at the University of Illinois.
- ^ a b c Finley, Robert J. (October 2014). "An overview of the Illinois Basin – Decatur Project". Greenhouse Gases: Science and Technology. 4 (5). Wiley: 571–579.
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Operations have started as Archer Daniels Midland Co. plans to inject and permanently store more than 1 million tons of carbon dioxide per year deep underneath part of Decatur's east side. The Illinois Industrial Carbon Capture and Storage project is a continuation of research efforts that have already taken place with hopes to show the technology can be commercialized.
- ^ a b "Illinois Industrial Carbon Capture and Storage (IL-CCS) Fact Sheet: Carbon Dioxide Capture and Storage Project". Massachusetts Institute of Technology.
- ^ a b Lusvardi, Chris (April 11, 2017). "ADM begins carbon dioxide injection process". Herald-Review. Journal Gazette and Times-Courier.
Partners on the $207 million project include the U.S. Department of Energy, Richland Community College and the Illinois State Geological Survey. The project received a $141 million investment from the Department of Energy, which was matched by over $66 million in private sector cost share.
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- ^ Lawrence, Felicity (June 1, 2011). "Argentina accuses world's largest grain traders of huge tax evasion". The Guardian. ISSN 0261-3077. Retrieved August 1, 2019.
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- ^ Yi, Joy Sharon; O'Connor, Erin Patrick. "The land was worth millions. A Big Ag corporation sold it to Sonny Perdue's company for $250,000". Washington Post. Retrieved June 30, 2021.
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External links
[edit]- Official website
- Business data for Archer-Daniels-Midland Company:
- "Patents owned by Archer Daniels Midland". U.S. Patent and Trademark Office. Archived from the original on November 9, 2020. Retrieved December 6, 2005.
- Shurtleff, William; Aoyagi, Akiko (2020). History of ADM (Archer Daniels Midland Co.) and the Andreas Family's Work with Soybeans and Soyfoods (1884-2020) (PDF). Lafayette, CA: Soyinfo Center. ISBN 9781948436236.