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Archer Daniels Midland (ADM) has cut jobs at its largest division, which focuses on grain trading and oilseed processing, according to Reuters.

ADM revealed in February that significant cuts were on the way, aiming to reduce costs by $500 million over the next five years. Reuters said that the redundancies represent about 1.7% of the company’s global workforce.

An ADM spokesperson told FoodBev: “ADM is a pillar of the entire global food system. It’s critical that we continuously drive the simplification of our organisation and ensure our cost structure allows us to remain competitive so we can continue fulfilling this vital global role."

"These actions are part of the targeted workforce reduction and cost-saving actions we announced earlier this year. We are prioritising the care of our employees throughout this process and communicating directly with impacted employees.”