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QUINCY, ILL. -- Archer Daniels Midland Company announced the elimination of 14 jobs in Quincy Tuesday.

ADM spokesman David Weintraub says this news follows the company's January announcement it would begin streamlining its organization.

The Decatur, Illinois-based company raised its estimate to more than 1,200 jobs worldwide, up from an earlier target of about 1,000 jobs. The cuts are expected to save ADM more than $100 million in annual expenses.

The company offered a voluntary early retirement incentive in the U.S. for eligible, full-time salaried employees who will be at least 57-years-old as of February 29, 2012, and who will have achieved at least seven years of vesting service under the ADM Retirement Plan as of February 29, 2012.

This week, ADM began its workforce reduction in Quincy, meeting with employees whose positions have been eliminated.

"We would like to emphasize that the decision to reduce our workforce does not reflect on the dedication of colleagues who have made valuable contributions to ADM," Weintraub said in a press release statement.

In Quincy, 18 employees accepted ADM's voluntary early retirement, and 14 employees’ positions were eliminated. The eliminated positions represent less than 3 percent of the Quincy workforce, according to the company's press release.

"We are having individual discussions with each colleague impacted by the workforce reduction, where they will learn about their transition support," Weintraub said. "We are offering a fair and competitive severance package. We’re offering career and life-transition counseling seminars. And we’re providing financial planning services."

ADM expects to record a $50 million to $75 million pre-tax charge related to these actions in its fiscal 2012 third quarter. The company expects to begin benefiting from the cost reduction actions in the fourth quarter of fiscal 2012, with the full benefit recognized by the end of third quarter fiscal 2013.

ADM employs 30,000 people worldwide. The bulk of the cuts announced Tuesday come mainly from three plant closures, including an ethanol dry mill in North Dakota, a plastics plant in Clinton, Iowa, and a sorghum mill in Plainview, Texas.