- Just a few weeks after reopening its baby formula Sturgis, Michigan plant, Abbott Laboratories (NYSE: NYSE:ABT) said it paused EleCare specialty baby formula production after recent thunderstorms flooded part of the facility.
- The company has informed the FDA and will conduct comprehensive testing with an independent third party to ensure the plant is safe to resume production.
- This will likely delay the production and distribution of new products for a few weeks.
- The company has assured that it has a sufficient supply of EleCare and most of its specialty and metabolic formulas to meet these needs until new products are available.
- Read Next: Lawmakers Seek Answers From FDA, Abbott On Nationwide Baby Formula Shortage.
- These products are being released to consumers in need in coordination with healthcare professionals.
- Abbott will have produced 8.7 million pounds of infant formula in June for the U.S., or the equivalent of 168.2 million 6 oz. feedings, which is 95% of January production, before the recall and does not include production from Sturgis.
- Once the plant is re-sanitized and production resumes, Abbott will again begin EleCare production, followed by specialty and metabolic formulas. In parallel, it will work to restart Similac production at the plant as soon as possible.
- Price Action: ABT shares are down 1.96% at $102.75 during the premarket session on the last check Thursday.
- Photo via Company
Read at Benzinga