• FILE - In this Oct. 3, 1995 file photo, Archer Daniels Midland Chairman Dwayne Andreas speaks at a news conference in Decatur, Ill. A company spokesperson confirmed Wednesday, Nov. 16, 2016, that Andreas has died. He was 98. The company did not immediately provide additional details on a cause of death or where he died. (AP Photo/Seth Perlman, File)

    FILE - In this Oct. 3, 1995 file photo, Archer Daniels Midland Chairman Dwayne Andreas speaks at a news conference in Decatur, Ill. A company spokesperson confirmed Wednesday, Nov. 16, 2016, that Andreas has died. He was 98. The company did not ... immediately provide additional details on a cause of death or where he died. (AP Photo/Seth Perlman, File) (The Associated Press)

  • FILE - In this Oct. 3, 1995 file photo, Archer Daniels Midland Chairman Dwayne Andreas speaks at a news conference in Decatur, Ill. A company spokesperson confirmed Wednesday, Nov. 16, 2016, that Andreas has died. He was 98. The company did not immediately provide additional details on a cause of death or where he died. (AP Photo/Seth Perlman, File)

    FILE - In this Oct. 3, 1995 file photo, Archer Daniels Midland Chairman Dwayne Andreas speaks at a news conference in Decatur, Ill. A company spokesperson confirmed Wednesday, Nov. 16, 2016, that Andreas has died. He was 98. The company did not ... immediately provide additional details on a cause of death or where he died. (AP Photo/Seth Perlman, File) (The Associated Press)

Dwayne Andreas, ex-ADM CEO, dies at age 98

Markets Associated Press

Dwayne Andreas, whose company Archer Daniels Midland helped transform agriculture into big business but was rocked by a price-fixing scandal in the 1990s, has died. He was 98.

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Archer Daniels Midland spokeswoman Jackie Anderson on Wednesday confirmed Andreas' death.

Andreas became CEO of the Illinois-based grain processor in 1970. He built it into a powerhouse that billed itself as the "supermarket to the world."

The price-fixing scandal erupted in 1995 when FBI agents raided ADM's headquarters.

In 1996, ADM pleaded guilty to charges and agreed to pay $100 million. Andreas' son, Michael, and two other men were later found guilty and sent to prison. The story of the case was told in the 2009 film "The Informant!"

Dwayne Andreas stepped down as CEO in 1997.