Archer Daniels Midland

In 1902, George A. Archer and John W. Daniels began a linseed crushing business. In July 1902, ground was broken on the Daniels Linseed Co.’s first mill in Minneapolis.⁠[1]

In 1905 the company was renamed Archer Daniels Linseed Company. A 1923 merger with Midland Linseed Products Company made it the world’s largest linseed oil producer and gave it the name Archer Daniels Midland Company.⁠[2]

ADM began trading on the New York Stock Exchange on December 24, 1924.⁠[2]

Dwayne Andreas became ADM’s chief executive in 1970 and stepped down in 1997. He built ADM into a powerhouse that billed itself as the “supermarket to the world.”⁠[3]

ADM entered the lysine market in 1991 with a large new plant that expanded industry capacity. In June 1992, lysine producers met in Mexico City and agreed on prices, with Terrance Wilson speaking for ADM.⁠[4]

The scandal erupted in 1995, when FBI agents raided ADM’s headquarters; those implicated included Dwayne Andreas’s son Michael.⁠[3]

On October 15, 1996, the Justice Department announced that ADM would plead guilty to two international price-fixing conspiracies, in lysine and citric acid, and pay a $100 million criminal fine, the largest criminal antitrust fine ever at the time. Co-conspirators included Ajinomoto, Kyowa Hakko Kogyo and Sewon America.⁠[5]

On September 17, 1998, a federal jury convicted Michael Andreas, on leave from his post as ADM executive vice president, Terrance Wilson, retired head of ADM’s corn-processing unit, and former ADM biochemist Mark Whitacre of conspiring to fix lysine prices. Whitacre, who had helped the FBI gather audio and video tapes of ADM’s dealings with Asian and European competitors, was already serving prison time for embezzling $9 million from ADM.⁠[6]

On July 9, 1999, Michael Andreas and Wilson were each sentenced to two years in prison and a $350,000 fine. Whitacre was also convicted but voluntarily dismissed his appeal.⁠[4]

Patricia Woertz joined ADM as CEO and president in April 2006 and became chairman in February 2007.⁠[7]

The case was dramatized in the 2009 film The Informant!⁠[3]

In November 2013, Australian Treasurer Joe Hockey blocked ADM’s A$3.4 billion bid for GrainCorp, in which ADM already held 19.85%. Hockey said it was “not the right time for a 100% foreign acquisition of this key Australian business.”⁠[8]

On December 18, 2013, ADM selected Chicago for its global headquarters and customer center, relocating a corporate team of about 50 to 75 people, while Decatur would become its North American headquarters. ADM then had about 30,000 employees.⁠[9]

On July 7, 2014, ADM announced the acquisition of WILD Flavors GmbH, a supplier of natural flavor systems and other food and beverage ingredients, for an enterprise value of €2.3 billion: €2.2 billion paid to the sellers plus about €0.1 billion of assumed net debt. The sellers were Hans-Peter Wild and funds affiliated with KKRKKRKKR (Kohlberg Kravis Roberts) is an investment firm engaged in alternative asset management, capital markets services, and insurance. Jerome Kohlberg, Henry Kravis, and George Roberts co-founded the firm in 1976. Its managed funds invest in private equity, credit, and real assets, and its subsidiary Global Atlantic operates retirement, life insurance, and reinsurance businesses. KKR listed on the New York Stock Exchange in 2010 under the ticker KKR.Open the full entry.⁠[10]

ADM completed the acquisition on October 1, 2014, forming a WILD Flavors and Specialty Ingredients business unit. WILD Flavors’ management offices and production sites are in Heidelberg-Eppelheim, Germany, and Erlanger, Kentucky.⁠[11]

On November 5, 2014, ADM named Juan Luciano chief executive effective January 1, 2015, with Woertz remaining chairman. Luciano, formerly of Dow ChemicalDow Inc.Dow Inc. is a chemical company headquartered in Midland, Michigan, rooted in The Dow Chemical Company founded by Herbert H. Dow in 1897; it became independent from DowDuPont in 2019.Open the full entry, had joined ADM in 2011 as chief operating officer.⁠[7]

ADM launched its Nutrition unit in 2018 to develop specialty ingredients for food, beverages and animal feed.⁠[12]

On February 1, 2019, ADM completed its €1.544 billion acquisition of Neovia, creating a combined animal nutrition business with estimated sales of $3.5 billion. Luciano called the deal “a major milestone in the execution of our strategic plan.”⁠[13]

On January 7, 2020, ADM unveiled an updated corporate identity, including a new brandmark, the corporate tagline “Unlocking Nature. Enriching Life.” and a purpose statement.⁠[14]

On January 21, 2024, ADM placed CFO Vikram Luthar on administrative leave pending an investigation by outside counsel and the board’s Audit Committee into accounting practices in its Nutrition reporting segment, named Ismael Roig interim CFO, disclosed a voluntary document request from the U.S. Securities and Exchange Commission (SEC), and delayed its earnings release.⁠[15]

On January 22, 2024, ADM shares fell $16.23, or about 24%.⁠[16]

Federal prosecutors opened a probe in early 2024, focused on whether other units supplied Nutrition with goods below cost.⁠[12]

ADM corrected certain prior-period errors in March 2024 and in November 2024 restated its 2023 Form 10-K and its Forms 10-Q for the first two quarters of 2024.⁠[17]

ADM investors brought a class action in the Northern District of Illinois against ADM, Luciano, Luthar and others, alleging “false or misleading” statements about the Nutrition segment. On March 12, 2025, Judge Thomas M. Durkin denied four motions to dismiss, letting the case proceed; the ruling was not a decision on the merits.⁠[16]

On January 27, 2026, the SEC found that ADM had overstated Nutrition’s operating profit for fiscal 2019, 2021 and 2022. Without admitting or denying the findings, ADM agreed to a $40 million civil penalty and a cease-and-desist order. Former executives Vince Macciocchi and Ray Young also settled; Macciocchi accepted a three-year officer-and-director bar.⁠[18]

The SEC also sued former CFO Luthar (No. 26-cv-0927), alleging he directed improper adjustments that shifted operating profit to Nutrition from other segments to help it meet growth targets of 15% to 20% a year. The SEC seeks injunctions, an officer-and-director bar, disgorgement, civil penalties and reimbursement of executive compensation.⁠[19]

The Justice Department closed its related investigation into ADM with no further action. Luciano said, “We are pleased to put these matters behind the company.”⁠[17]

Luthar’s attorney called the SEC’s allegations “meritless.” As of late January 2026, the case against Luthar was pending.⁠[12]

ADM’s 2025 revenues were $80.269 billion (2024: $85.530 billion), net earnings attributable to ADM were $1.078 billion, and adjusted EPS was $3.43. It expected 2026 adjusted EPS of approximately $3.60 to $4.25.⁠[20]

As of December 31, 2025, ADM had three reportable segments and 41,496 employees, with Luciano as chair and CEO. Its stock trades on the New York Stock Exchange under the symbol ADM.⁠[21]