Abbott to cut milk powder prices in China after probe

Abbott Laboratories is cutting prices of its instant products in China by up to 12 per cent, the company said, joining other foreign firms in responding to Beijing’s probe into possible price-fixing by milk powder makers.

The diversified US healthcare conglomerate will cut prices of six products sold in China, including Similac and Pediasure, by 4 per cent to 12 per cent, the company said on its website this week on July 8.

Abbott is now implementing the price cuts, a company spokeswoman based in China told Reuters in an e-mail on Friday.

via Business feed http://www.scmp.com/business/companies/article/1281021/abbott-cut-milk-powder-prices-china-after-probe