ADM To Move Headquarters To Chicago Without Tax Incentives

Archer Daniels Midland Company is expected to announce Wednesday it will move its headquarters to Chicago without the $20 million in tax credits it originally sought.

The Chicago Sun-Times reports ADM will move 60 to 75 jobs to the city, below the 200 projected with an incentive package.

ADM officials said this fall they plan to move the company out of Decatur, where the grain giant has been based for more than four decades, to a larger city with a greater talent pool and easier access to world-wide travel.

ADM consultant Mike Kasper told lawmakers in October that the agribusiness wants legislation letting it apply for tax credits worth around $1.2 million annually for 20 years.

One legislator asked ADM's chief financial officer how a comparatively small credit mattered to a multibillion-dollar company. Ray Young said watching "nickels and dimes" has made ADM successful.

ADM officials reportedly were in the Twin Cities that month as they continued shopping for a new city to call home.

Though the company wants to move its global headquarters out of Decatur, it plans to keep the bulk of its operations there.