Mead Johnson cuts formula prices by 7-15%
Mead Johnson Nutrition Co, a major manufacturer of infant formula in the United States, announced a price cut on Wednesday following China's anti-monopoly investigation into foreign baby formula brands, the Beijing News reported.
On July 1, the National Development and Reform Commission started an investigation into the price of infant formula sold by foreign companies.
Mead Johnson was the latest to announce a price reduction of 7 to 15 percent. It has also vowed further cooperation with the NDRC and promised to offer more discounts.
Mead joins seven other companies in cutting prices; Biostime International Holdings Limited, Abbott Laboratories, Danone Dumex, Beingmate, Meiji Dairy Co, Royal FrieslandCampina NV and Wyeth Ltd.
Of those investigated, only New Zealand-based Fonterra Co-operative Group has yet to lower its prices.
