July 12, 2013 / 5:20 AM / 4 years ago

Abbott to cut milk powder prices in China after probe

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.

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