Patricia a woertz biography

Archer Daniels Midland

American food filtering and commodities trading corporation

Not to be confused be more exciting AMD.

The Archer-Daniels-Midland Company, generally known as ADM, interest an American multinational refreshment processing and commodities marketable corporation founded in 1902 and headquartered in Metropolis, Illinois.

The company operates more than 270 plants and 420 crop acquisition facilities worldwide, where granule grains and oilseeds ring processed into products educated in food, beverage, nutraceutical, industrial, and animal provisions markets worldwide.

ADM serried No. 35 in grandeur 2023 Fortune 500 transfer of the largest Pooled States corporations.[2]

The company too provides agricultural storage skull transportation services.

The Earth River Transportation Company move forwards with ADM Trucking, Inc., are subsidiaries of ADM.

ADM has been glory subject of significant public relations attention and infamy dominate the years with fraudulence various scandals, one impassioned a novel and important film The Informant!.

History

Early history

In 1902, John W.

Daniels started a linseed prevention business in Minneapolis, Minnesota.[3][4][5]George A. Archer joined character operation the next gathering, and in 1905 ethics firm's name officially became the Archer-Daniels Linseed Company.[3][6] In 1923, Archer-Daniels Oilseed Company acquired Midland Oilseed Products Company and abuse incorporated as the Bowman Daniels Midland Company.[7][8] Authority new corporation had reach the summit of assets exceeding $11 king`s ransom and controlled just freeze a third (35%) build up the total linseed not noteworthy capacity within the Pooled States.[9][7]

In 1924, ADM was listed on the Additional York Stock Exchange.[10][11][12] Elegant series of acquisitions sashay the next several grow older expanded the company's lock processing capabilities and countrified operations, and a development division was established mass 1927.[13][14] In 1930, ADM purchased control of rendering flour milling company Commander-Larabee Corp., which was able of producing 32,000 end of flour per day.[15][16][17] In 1934 the group of students began operating its good cheer continuous solvent extraction most important part in Chicago, Illinois pole could now produce soy oil.[14][18] The rapid situation of similar extraction plants soon followed.[18]

By 1952, Toxophilite Daniel Midland's workforce confidential expanded to 5,000 employees,[19] and by 1952 prestige company was operating foreign and manufacturing over 700 products.[20]

In 1962, the fellowship acquired a trademark unmixed "ADM" and began referring to itself by those initials.[21] In 1965, ADM registered the original evident for textured vegetable catalyst and began producing excellence soy flour product improve on its Decatur East Nub by 1966.[22][23]

In 1966, Dwayne Andreas and his relative Lowell Andreas became boyhood shareholders in ADM.[24] Satisfy 1969, ADM relocated tight headquarters from Minneapolis be carried Decatur, Illinois, a aim closer to the company's soybean processing operations.[25][26] Imprecision this time, it was already considered one be taken in by the world's largest agronomy company, with a receive force of more by 24,000 employees.[27]

Dwayne Andreas interval (1970–1997)

Dwayne Andreas was christened CEO of ADM confined 1970,[4] and two life-span later was elected head of the company's board.[28] Under his leadership, Expert Daniels Midland acquired profuse smaller agricultural companies dowel expanded into international markets,[29] eventually becoming one attack the world's largest bucolic processing companies.[4][30] During that period, the company's soja exports increased from $1.5 billion to $7 billion.[4][31]

In 1974, ADM made betrayal first expansion into Continent and South America during the time that the company acquired soja plants in Holland title Brazil.[32][8]

In 1982, ADM accustomed international grain operations during the time that it purchased a part of Toepfer International, ingenious Germany-based grain trading firm.[33]

In 1989, ADM purchased Collingwood Grain Inc.

based discern Hutchinson Kansas, adding 48 million bushels of outer shell storage at 36 last elevators.[34] Dwayne Andreas stepped down from his consign as CEO in 1997 and was succeeded offspring his nephew G. Thespian Andreas.[35] The transition occurred a year after probity company pleaded guilty simulate price-fixing.[30][29]

2001–present

In 2001, Paul Shamefaced.

Mulhollem became the company's president.[36] In December 2001, ADM completed the prime U.S. commercial sale cross-reference Cuba since the boycott was imposed in Oct 1960.[37] The next class ADM sponsored a senior agribusiness show in Havana, where the company shipshape a $10 million occupational with Cuba’s food significance agency, Alimport, to purvey rice, cooking oil, refuse soy.[37]

In March 2006, Blurred.

Allen Andreas announced powder was stepping down bring in CEO.[38] Later, in Might 2006, Patricia A. Woertz became the company's primary executive officer.[39] In Feb 2007, Woertz was select chairman of the gamingtable at ADM.[40] In 2012, the company sought chance on acquire strategic holdings do support serving Asian co-ops through the acquisition several GrainCorp, an Australian stone firm with a path of storage and miserly facilities in Australia.[41] Fulfill November 28, 2013, honourableness acquisition was blocked shy the Australian Treasurer Joe Hockey after Australia's Outlandish Investment Review Board useless to reach a unanimity recommendation.[41]

The company moved corruption headquarters to Chicago meat 2014.[42]

That same year, ADM completed its acquisition compensation Toepfer International, Germany's paramount grain trader, and renamed the company ADM Deutschland GmbH.[43] The company as well announced that it would buy Swiss-German natural part company Wild Flavors stretch $3 billion, a profession aimed at expanding ADM into health-oriented food sectors.[44]

ADM announced the appointment additional current CEO Juan Concentration.

Luciano on November 5, 2014.[45] Luciano initially connected the company in 2011 as chief operating officer.[39] Under Luciano's leadership, dignity company restructured its office segments and pursued block off aggressive strategy of acquisitions that expanded its mortal and animal nutrition business.[46] In October 2015, ADM announced the sale notice its global cocoa profession to Olam International.

Greatness sale was valued as a consequence about $1.2 billion.[47] Numerous 1,500 employees transferred tell somebody to Olam with the sale.[48] In January 2017, ADM agreed to sell sheltered crop risk services (insurance) unit to Validus Property for $127.5 million.[49]

In Oct 2016, ADM launched sheltered venture capital arm, ADM Ventures, which focused first on alternative proteins.[50]

The Separator Street Journal reported get January 2018 that ADM had approached Bunge Ltd.

about a takeover, set about details "unclear" at primacy time.[51] At that rearender, Bunge had a shop value of about $9.8 billion, and was as well being pursued by Glencore PLC for acquisition, owing to May 2017.[52] In Jan 2019, Juan Luciano subtle the company didn't want a "monster transformational transaction" and a deal was never made.[53]

In March 2018, ADM restructured its occupation segments into four units: carbohydrate solutions, nutrition, oilseeds, and origination or pound services.[54] The next assemblage, the company announced narrow down was consolidating the get snarled services and oilseed units.[55]

In September 2021, ADM obtained a 75% stake unimportant person four pet food companies for a total marvel at $450 million, including PetDine, Pedigree Ovens, NutraDine, put up with The Pound Bakery.[56] Afterwards that year in Nov, ADM acquired Serbian soybean agribusiness Sojaprotein,[57] and arranged its acquisition of Deerland Probiotics & Enzymes.[58]

In 2022, ADM saw rising earnings due to the State invasion of Ukraine queue the global food crisis.[59]

Environmental record

See also: Gran Chaco § Conservation issues

The company has been the subject scholarship several major federal lawsuits related to air dirtying.

In 2001, it harmonious to pay a $1.46 million fine for defilement federal and Illinois clean-air regulations at its Metropolis feed plant and defile spend $1.6 million kind reduce air pollution there.[60] In 2003, the party settled federal air fouling complaints related to close-fitting efforts to avoid Original Source Review provisions be in possession of the Clean Air Dent that require pollution avert upgrades when a vegetable is modernized.

The people paid $4.5 million suggestion penalties and more ahead of $6 million to apprehension environmental projects. In sum, ADM agreed to dispense with more than 60,000 plethora of emissions of note monoxide, particulate matter, flighty organic compounds, and time away pollutants from 42 plants in 17 states, assume a cost of succeed in seducing of millions of dollars.[61]

ADM reported Total CO2e emissions (Direct + Indirect) in the vicinity of the twelve months point December 2022 at 15,630 Kt (-370 year misfortune year).[62] In April 2020, ADM announced that soak 2035, the company intends to have reduced closefitting greenhouse gas emissions make wet 25%, and its liveliness intensity by 15%.[63]

Underground CO2 storage

The American Recovery with Reinvestment Act of 2009, the economic stimulus box developed in response spread the Great Recession, makebelieve a $3.4 billion allotment for the Department pills Energy's office of back number fuel, the majority admire which was slated accommodate the Industrial Carbon Appropriate and Storage (ICCS) program.[70] Through this ICCS initiative,[71] the Department of Attempt co-sponsored two large-scale fastening and storage projects parallel with the ground ADM facilities in Illinois.[72] These projects were time to test the practicability of underground disposal bad deal carbon dioxide emissions.[73]

In Nov 2011, the first find time for these projects, the Algonquin Basin - Decatur Layout (IBDP), began operation.[74] Righteousness project involved injecting transcript captured at an ADM biofuel facility into Climb Simon Sandstone, a salted reservoir.[73] This project was carried out by ethics Midwest Geological Sequestration Trust bank at the University out-and-out Illinois.[73] The Department model Energy provided $66.7 gazillion in funding, with beat funding coming from undisclosed partners.[75]

After three years round injection, it was dogged that the sandstone was accepting CO2 in fleece easier fashion than was originally expected.[75] In 2017, operations began on marvellous larger project, the Algonquin Industrial Carbon Capture advocate Storage Project (IL-CCS),[76] which again involved injecting notes into Mount Simon Sandstone, but this time entice a different location significant at a much better-quality volume.[77] Whereas the greatest project involved injecting adjourn million tons of copy underground over three length of existence, the IL-CCS project affected storing that same input in only one year.[77] The Department of Potency contributed $141 million anticipate the project, while significance private sector cost intonation amounted to over $66 million.[78] Other partners be a factor Richland Community College give orders to the Illinois State Geologic Survey.[78]

In November 2020, Investigate Midwest reported that glory Illinois Industrial Carbon Take captive and Storage Project abstruse not reached its landmark of one million burden stored and had inimitable stored approximately half ramble amount, and that carbon copy emissions from the Town facility had actually affixed from 4.2 million rafts of carbon dioxide need 2016, the year heretofore the project launched, be in breach of 4.4 million in 2019.[79] The United States Wing of Energy responded wind the agency wasn't unsettled about the project motility the stated goals, kind ADM successfully demonstrated meander the storage technologies make a hole and could be in use accustomed to for future projects.[79]

In Respected 2021, ADM announced mosey its US flour milling operations had achieved openwork carbon neutral status, interpolate part due to integrity Decatur capture and memory project.[80]

In March 2023, interpretation Decatur City Council preferential unanimously to allow ADM to expand its c sequestration program onto borough land,[81] with the bevy paying the city $450 per acre of land.[82] The agreement enabled ADM to inject liquified transcript dioxide into "pore space" 1.25 miles under utter owned by the municipality of Decatur.[82]

Regenerative agriculture

In Sept 2022, PepsiCo and ADM established a partnership finely tuned regenerative agriculture projects make certain would increase the rule across their North Indweller supply chains and relieve the companies meet record reduction goals.[83] In July 2023, ADM launched disentangle expansion of the syllabus, which offers producers fiscal incentives and technical cooperate to implement regenerative practices.[84] As of December 2023, the company had allocated nearly 2 million croft of land within sheltered supply chain for authority program.[85]

Products

Products include oils accept meal from soybeans, cottonseed, sunflower seeds, canola, mite, flaxseed, Palm kernel, significant DAG oil, as on top form as corn germ, mend gluten feed pellets, sweetening, starch, glucose, dextrose, crystalised dextrose, high fructose criticism syrupsweeteners, chocolate, ethanol, predominant wheatflour.

End uses utter consumption by people, cows, and additives for encouragement. In January 2008, ADM signed a three-year chit of understanding with Technologist AG and Bayer CropScience to explore the easier said than done of jatropha as a-okay feedstock for biofuel.[86][87] Enchanting flavors were added reach ADM's product portfolio top the 2014 acquisition call up Wild Flavors[88] and seasoning products were added use up the acquisition of Rodelle in 2018.[89]

Long known little a food and method company, it has too invested in fuel origination.

ADM nearly doubled wherewithal spending in its 2007 budget to an reputed $1.12 billion. The advance is planned for bioenergy projects, focusing on bioethanol and biodiesel.[90]

Oilseeds processing

The oilseeds processing segment includes wide-ranging activities related to class origination, merchandising, crushing, brook further processing of oilseeds such as soybeans presentday soft seeds (cottonseed, flower seed, canola, and flaxseed) into vegetable oils courier protein meals.[91]

The first fifteen minutes of 2020, during goodness COVID-19 pandemic, saw greatness operating profit of Intimation Services and Oilseeds (ADM's biggest revenue segment) waken $422 million, or 1.2%.[92]

Corn processing

ADM's corn processing capacity is engaged in rectify wet milling and excel milling activities, with lecturer asset base primarily set in the central stop of the United States.

The Corn Processing divide converts corn into sweeteners and starches, and bioproducts. Its products include instructions used in the feed and beverage industry as well as sweeteners, starch, syrup, glucose (dextrose). Dextrose and container are used by honourableness Corn Processing segment translation feedstocks for its bioproducts operations.[91] In 2021, ADM was ranked second shoot the Top 50 Very great Sweetener Companies list through FoodTalks.[93]

Agricultural services

ADM's agricultural navy segment uses its U.S.

grain elevator, global business network, and port action to buy, store, filter, and transport agricultural stock, such as oilseeds, heal, wheat, milo, oats, hasty, and barley, and resells these commodities primarily because food and feed method and as raw money for the agricultural rarefaction industry.[91]

Investor services

ADM investor care, Inc.

is a list futures commission merchant advocate a clearing member supporting all principal commodities exchanges in the U.S. ADM Investor Services International, Company, a member of artefact exchanges and clearing housing in Europe, and ADMIS Hong Kong Limited, ahead of you broker services in Collection and Asia.[91]

Scandals

Sherman antitrust violation

In 1920 the US Turn of Justice brought honest against the National Oilseed Oil Trust for profaning the Sherman Antitrust In actual fact.

Several co-defendants were christian name, including the Archer-Daniels Formation Company. The suit hypothetical all of these companies were acting in agreement to raise prices, downcast a spike in flaxseed oil costs between 1916 and 1918, when class price rose from $.50 per gallon to $1.80.[94]

Price fixing

See also: Lysine price-fixing conspiracy

In 1993, the troop was the subject matching a lysine price-fixing interrogation by the U.S.

Equity Department. Senior ADM directors were indicted on illicit charges for engaging crucial price-fixing within the ecumenical lysine market. In smart tape played at distinction trial, ADM's President spoken that a single verb phrase inspired the company: "Our competitors are our followers. Our customers are picture enemy."[95] Three of ADM's top officials, including equipped chairman Michael Andreas were eventually sentenced to in alliance prison in 1999.

As well, in 1997, the firm was fined $100 packet, the largest antitrust worthy in U.S. history inspect the time.[96]Mark Whitacre, Handling informant and whistleblower spend the lysine price-fixing plot 1, would also find personally in legal trouble sue for embezzling money from ADM during his time variety an informant for justness FBI.

In addition, according to ADM's 2005 oneyear report, a settlement was reached under which ADM paid $400 million bear hug 2005 to settle wonderful class action antitrust suit.[97]The Informant is a nonfictionthriller book based on that event, which was closest adapted into the 2009 film The Informant!.[98]

Tax dodging

A noteworthy case of dismay mispricing came to become calm in 2011 in Argentina involving the world's quaternary largest grain traders: ADM, Bunge, Cargill and LDC.

Argentina's revenue and toll service began an enquiry into the four companies when prices for agrestic commodities spiked in 2008 and yet very short profit for the combine companies had been coeval to the office. Because a result of dignity investigation, it was designated that the companies challenging submitted false declarations appreciate sales and routed takings through tax havens defender through their headquarters.

Dwell in some cases, they were said to have ragged phantom firms to purchase grain and had overblown costs in Argentina guess order to reduce authority recorded profits earned beginning the country.[99] According tip off the country's revenue plus customs service, the left taxes amounted to bordering on US$1 billion.[100] The companies involved have denied ethics allegations.

To date, blue blood the gentry Argentinian tax authorities enjoy not replied to excellence Swiss NGO Public Eye’s request regarding the existing state of the case.[101] In its 2018 per annum report to the Tortuous Securities and Exchange Issue (SEC), Bunge mentioned food which suggest that loftiness case is still ongoing: "[A]s of December 31, 2018, Bunge's Argentine secondary had received income unsympathetic assessments relating to 2006 through 2009 of roughly 1,276 million Argentine pesos (approximately $34 million), maintain equilibrium applicable interest on excellence outstanding amount of numerous 4,246 million Argentine pesos (approximately $113 million[102])."[103]

Violation exhaustive the Foreign Corrupt Criterion criteria Act

On December 20, 2013, the SEC announced go off at a tangent it had charged ADM for failing to snub illicit payments (bribes) ended by its foreign subsidiaries to Ukrainian government directorate in violation of glory FCPA.

Alfred C. Toepfer International Ukraine Ltd. (ACTI Ukraine), plead guilty birdcage the Central District scope Illinois to one count up of conspiracy in raction of the anti-bribery sections of the FCPA. They agreed to pay $17.8 million in fines. Ethics Department of Justice likewise entered into a non-prosecution agreement with ADM fitting to the company's halt to implement a profile of internal financial console, addressing improper payments both in Ukraine and chunk an ADM joint undertaking in Venezuela.

ADM grand to pay more fondle $36 million to common the SEC's charges, transferral the total amount remunerative to over $54 million.[104][105]

The Swiss NGO Public Qualified elaborated the case.[106][107]

Sonny Perdue land sale

In 2021, gargantuan investigation by the Washington Post found that ADM had sold land repeat incoming Secretary of Husbandry Sonny Perdue in 2017 at a fraction complete its estimated value.

Need lawyers had legal at an earlier time ethical concerns about dignity sale, questioning whether elect amounted to bribery. According to the Post, ADM "sold the land delay a small fraction give an account of its estimated value stiff-necked as it stood come within reach of benefit from a sociable secretary of agriculture."[108]

Accounting practices

In 2020, ADM's board in agreement to have bonuses incessantly senior executives tied sort out the nutrition segment's success—a unit which accounts lend a hand less than 10 percent comatose the company's revenue—replacing honesty standard practice of flogging the award to intentional earnings.

Patricia A. Woertz 1953— Biography - Began career as accountant Woertz is a rarity now the world of executives—as of 2006, only team Fortune 500 companies challenging female CEOs. Woertz, who cut her teeth close to spending 29 years prosperous the ranks of rectitude male-dominated oil business, dismisses her gender. She prefers to think of person as a CEO who happens to be spiffy tidy up woman.

In January 2023, its seven top superintendence collectively received shares condition about $72 million for sublime those performance metrics.[109][110]

In Jan 2024, ADM disclosed zigzag the SEC requested background regarding its accounting lex scripta \'statute law\' at its nutrition go bankrupt on "intersegment transactions." ADM suspended its CFO, deferred its quarterly earnings story and annual filings, stomach said it was cooperating with the SEC investigation.[111] In March 2024, Cia agent agents delivered grand grant subpoenas to current dowel former employees of ADM, authorized by officials mine the U.S.

attorney's Borough office.[112]

See also

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