Magazine

ADM's Checkered Past


1902

John W. Daniels founds Daniels Linseed in Minneapolis; George W. Archer joins a year later.

1923

With the purchase of Midland Linseed Products, the company changes its name to Archer Daniels Midland.

1970

Dwayne O. Andreas becomes CEO, forging close ties with Nixon via huge contributions.

1981

ADM starts to manufacture ethanol products at a facility in Cedar Rapids, Iowa.

1992

BioChem head Mark Whitacre and ADM President Terrance Wilson begin a price-fixing scheme with the Japanese.

1995

FBI raids ADM's headquarters. Howard Buffett, Warren Buffett's son, quits the board in protest over ADM's actions.

1996

ADM pleads guilty to criminal charges of fixing prices on lysine. It pays $100 million in fines.

1997

Dwayne Andreas quits as CEO; nephew G. Allen Andreas Jr. takes over.

1998

Mick Andreas, vice-chairman and Dwayne's son, is convicted with Whitacre and Wilson of trying to fix prices.

2006

Patricia Woertz takes over as CEO, bringing in outsiders and leadership training.

2008

After hitting record highs, ethanol prices collapse with the plunge in oil prices, driving down ADM's stock.

2009

Actor Matt Damon plays the lead in The Informant, a film about the government crackdown on agribiz price-fixing.


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