Abbott to cut milk powder prices in China after probe
SHANGHAI, July 12
SHANGHAI, July 12 (Reuters) - Abbott Laboratories is cutting prices of its instant products in China by up to 12 percent, the company said, joining other foreign firms in responding to Beijing's probe into possible price-fixing by milk powder makers.
The diversified U.S. healthcare conglomerate will cut prices of six products sold in China, including Similac and Pediasure, by 4 percent to 12 percent, the company said on its website on July 8.
Abbott is now implementing the price cuts, a company spokeswoman based in China told Reuters in an e-mail on Friday.
China's top economic planning agency is investigating Mead Johnson Nutrition Co, Danone, Nestle , Abbott Laboratories and Hong Kong-listed Biostime International for possible price-fixing and anti-competitive behaviour.
So far, Nestle, Danone and Mead Johnson have responded by cutting prices of their infant milk powder products.
- Vice-principal of South Korea school in ferry disaster commits suicide |
- After Nevada ranch stand-off, emboldened militias ask: where next?
- New Russia sanctions threats as Ukraine stalemate goes on |
- Florida man charged with murdering son so he could play video games
- All 338 Korean students, teachers rescued from sinking ferry - school official