Arab Today, arab today nestle unit cuts baby formula prices amid china probe
Last Updated : GMT 05:25:49
Arab Today, arab today
Arab Today, arab today

Nestle unit cuts baby formula prices amid China probe

Arab Today, arab today

Arab Today, arab today Nestle unit cuts baby formula prices amid China probe

Shanghai - AFP

A unit of Swiss food giant Nestle is cutting prices for baby formula in China by as much as 20 percent, it said after the government launched an investigation into alleged price-fixing by foreign firms. Wyeth Nutrition confirmed the investigation by China\'s top economic planner, which has been reported by state media, and pledged to \"immediately\" cut prices on some formula products by six to 20 percent, according to a statement late Wednesday. \"Wyeth Nutrition has always respected and been willing to abide by China\'s laws and regulations and is actively cooperating with the anti-monopoly investigation into the company,\" it said. The firm promised not to raise prices on new formula products for a year and said it had improved marketing policies to ensure they were in line with regulations. The response came after media reports on Tuesday that the National Development Reform Commission had launched a probe of foreign baby formula makers for high prices, which it claimed resulted from a monopoly-like situation. But a 2008 scandal involving tainted formula that killed six children and sickened more than 300,000 has prompted domestic consumers to shun local brands and created huge demand for foreign products, both those sold through normal channels and informally imported. Other foreign companies being investigated include France\'s Danone, Mead Johnson Nutrition, Abbott Laboratories and Dutch firm Royal FrieslandCampina which produces the Friso brand, state media said. Mead Johnson said earlier this week it was cooperating with the investigation and added it was providing products at \"good value\" to customers. \"The company is fully cooperating with the recently reported Chinese government anti-trust review of resale prices in the infant formula market and will provide information in response to enquiries received from government officials,\" it said. Shares of some of the companies involved in the investigation, which has not been directly confirmed by the government, plunged in US trading on Wednesday. Mead Johnson sank 8.1 percent while Abbott Laboratories fell 1.8 percent. But shares of Chinese dairy producers have benefited since the investigation has targeted foreign companies. China Mengniu Dairy gained 1.98 percent in Hong Kong morning trade Thursday while Inner Mongolia Yili Industrial Group rose 0.73 percent in Shanghai. China is by far the world\'s largest market for baby formula, according to consumer research group Euromonitor. The government has vowed to crack down on safety violators and called for strict monitoring of milk powder production, in an attempt to restore public trust.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today nestle unit cuts baby formula prices amid china probe Arab Today, arab today nestle unit cuts baby formula prices amid china probe

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today nestle unit cuts baby formula prices amid china probe Arab Today, arab today nestle unit cuts baby formula prices amid china probe

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday