Agribusiness giant Archer Daniels Midland has made its decision about relocating its corporate headquarters. The Associated Press reported that on Wednesday morning, the Fortune 500 company will officially announce that it will move to Chicago from its current location in Decatur, Ill.
ADM executives scouted the Twin Cities as a possible site for the headquarters. In October, the Business Journal reported that they met with officials from GreaterMSP in St. Paul. ADM was founded a century ago in Minneapolis and has continued to have a presence in the state.
Officials in Atlanta and St. Louis said they also were also in contact with ADM. Media reports also mentioned Indianapolis, Dallas and Houston as contenders for the new global headquarters.
ADM had said it wanted to move some operations from Decatur because the international company needed improved access to air travel and a larger city with more amenities that would aid in recruiting and retaining corporate executives.
The Chicago Tribune said the Chicago decision comes despite the fact Archer Daniels Midland was thwarted in its efforts to secure special tax incentives from the Illinois Legislature. State lawmakers ultimately opposed a proposal to give a $1.5 million annual state tax break to a company with a market cap of more than $27 billion.
The AP report said the headquarters move would not be as big as originally projected. At first, ADM said about 100 employees would be located at the new global headquarters, and that a technology center with about 100 additional jobs would open at the new site. Instead, the company will relocate 60 to 75 employees from Decatur and no longer promises to build a technology center. The company plans to keep about 4,400 jobs in Decatur, where it's been headquartered for 44 years. ADM has about 30,000 employees worldwide.
Sarah Hamilton, spokeswoman for Chicago Mayor Rahm Emanuel, would not confirm to the Chicago Tribune that ADM was coming to Chicago.
Last month, it was announced that the headquarters of Nash Finch was moving from Edina to Michigan.