China fines 2 milk suppliers in price-fixing probe
Mead Johnson, Biostime announce fines in China price-fixing probe by milk suppliers
BEIJING (AP) -- 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.
