Two more baby formula makers will cut prices following a price-fixing investigation by China's top economic planner of leading domestic and overseas milk powder companies.
Abbott will slash its prices by 4 percent to 12 percent on key products including Similac (stages 1-4), Pediasure, and Similac Mom, the US nutrition and medical company said in an e-mail statement yesterday.
The company said it's cooperating with the National Development and Reform Commission in the investigation and is committed to complying with local laws and regulations.
Meiji Co will also cut the prices of four key products by 3 percent to 7 percent, the Japanese food company said in a statement yesterday. The price cuts will be implemented as soon as possible, and Meiji promised not to adjust prices in China within two years. It is also being investigated by the NDRC's Price Supervision and Anti-Monopoly Bureau.
These two companies bring to six the number of foreign and domestic makers which have said they will slash prices as they cooperate with the government in its investigation of alleged anti-monopoly violations.
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