Mead Johnson, Biostime announce fines in China price-fixing probe by milk suppliers

Published August 06, 2013

| Associated Press

Two suppliers of infant formula, Mead Johnson and Hong Kong's Biostime, say Chinese authorities have imposed multimillion-dollar fines on them in a price-fixing probe.

Mead Johnson Nutrition Co. said Wednesday its China unit was fined 203.8 million yuan ($33 million). Biostime International Holdings Ltd. said its local arm was fined 162.9 million yuan ($26.3 million).

Chinese authorities said earlier they were investigating possible price-fixing by foreign milk suppliers that raised costs for Chinese consumers.

Suppliers, including Nestle SA and FrieslandCampina NV, announced price cuts after the investigation was launched.

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http://www.foxnews.com/world/2013/08/06/mead-johnson-biostime-announce-fines-in-china-price-fixing-probe-by-milk/