Key Takeaways Archer-Daniels-Midland missed fourth-quarter earnings and revenue estimates as oilseed demand weakened.The agriculture commodities giant saw its Crushing subsegment operating profit plunge 46% year-over-year.

The agriculture giant is planning cost cuts and eyeing potential consolidation and divestitures of up to $2 billion in assets.

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Archer-Daniels-Midland Co. said it plans to lay off up to 700 employees around the world as it tries to save up to $750 million over the next three to five years. The Chicago-based food giant (NYSE: ADM) announced the layoffs when the company reported that both fourth-quarter earnings and revenues fell from a year earlier.