NSRGY - Abbott other baby-formula makers see FTC probe over collusion - report

2023-05-24 05:37:42 ET

• The U.S. Federal Trade Commission (FTC) is probing if baby-formula makers colluded on bids for attractive state contracts, the Wall Street Journal reported.
• The FTC investigating to see if Abbott Laboratories ( NYSE: ABT ) and other formula makers "engaged in collusion or coordination with any other market participant regarding the bidding," the report added citing documents posted to FTC's website.
• The agency is also looking into to check if company coordination affected sales more broadly, outside of the Women, Infants and Children (WIC) formula-supply program, according to the report.
• The FTC has asked information from Nestle ( OTCPK:NSRGY ) ( OTCPK:NSRGF ) — which manufactures infant formulas called Good Start — a company spokesperson told the news agency, adding that the company has responded to the FTC.
• In February, Abbott received a civil investigative demand from the FTC linked to an investigation of the companies participating in bids for WIC formula contracts, the report added .

• More on Abbott

• Abbott Laboratories: A Mixed, Yet Expensive Bag

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