Nestle Says It Will Cut Prices of Infant Formula In China

Nestle said its Wyeth Nutrition unit will sell infant formula products at lower prices in China following local authorities’ investigation of foreign companies for alleged price fixing. Wyeth Nutrition plans to cut infant formula prices by 11 percent on average, with the some price cuts going as high as 20 percent. Nestle also said Wyeth has been cooperating with China’s National Development and Reform Commission, the agency spearheading government investigation into the foreign vendors’ pricing practices.