The Steady Drip: As a baby formula shortage worsens, Abbott says it can get some product back on store shelves in July (Connecting the Dots with Soros, the CDC, FDA & Abbott Laboratories)

As a baby formula shortage worsens, Abbott says it can get some product back on store shelves in July

Last Updated: May 12, 2022 at 9:54 a.m. ET

First Published: May 11, 2022 at 1:28 p.m. ET

By Jaimy Lee

https://www.marketwatch.com/story/as-a-shortage-worsens-abbott-says-it-can-get-baby-formula-back-on-store-shelves-in-june-11652290122

The company said it can restart production of its baby formulas at a plant in Michigan within two weeks if U.S. regulators allow it to do so.

Abbott Laboratories ABT, 1.84% said it can restart production of its baby formulas at a plant in Michigan within two weeks if U.S. regulators allow it to do so.

The company in February voluntarily recalled powder formulas that included Alimentum, EleCare, and Similac because of potential contamination with an environmental bacteria called Cronobacter sakazakii.

Two babies died and two more got sick after having been fed formula produced at the plant in Sturgis, Mich. However, Abbott said in a statement on Wednesday that “there is no evidence to link our formulas to these infant illnesses,” and the genetic sequencing of samples from two ill infants did not match each other or the Cronobacter strains detected in the facility.

The recall has set off a shortage of baby formula around the U.S. The Centers for Disease Control and Prevention is telling parents not to feed babies with the Similac, Alimentum, or EleCare powdered infant formulas. Some parents are rationing formula, watering it down, or trying to make their own, according to media reports.

“We know the recall has worsened an already existing industrywide infant formula shortage in the U.S. and we’ve been seeing and hearing the stress and despair of parents who are facing empty shelves,” the company said. “We deeply regret the situation.”

Abbott said it is addressing the Food and Drug Administration’s issues with the plant, and it is flying in Similac from Ireland. If the FDA OK’s the reopening of the Sturgis plant, Abbott’s plan would be to first start producing EleCare, Alimentum, and metabolic formulas, then Similac and other formulas.

The company estimated that it will take between six to eight weeks to get products back on store shelves once it restarts production.

The recall also cut into the company’s first-quarter financial performance. Revenue in its U.S. nutrition business tumbled 19% to $1.9 billion in the first three months of the year.

Abbott’s stock closed at $106.75 on Tuesday, one of its lowest points over the course of the last year. The stock is down 24.1% so far this year, while the broader S&P 500 SPX, 2.27% is down 16.0%.

Connecting the Dots:

CDC Foundation is a foundation for the Centers for Disease Control and Prevention (CDC).

Robert Jeffrey was a board member for the CDC Foundation and is a director at the Atlantic Council of the United States (think tank).

Open Society Foundations was a funder for the Atlantic Council of the United States (think tank) and the Human Rights Watch.

George Soros is the founder & chairman for the Open Society Foundations, was a benefactor for the Human Rights Watch and the chairman for the Foundation to Promote Open Society.

Foundation to Promote Open Society was a funder for the Human Rights Watch, the Millennium Promise and the Brookings Institution (think tank).

Amy Robbins Towers is a director at the Human Rights Watch, a board member for the CDC Foundation and was a director at the Millennium Promise.

Mark B. McClellan was a senior fellow at the Brookings Institution (think tank) and a commissioner for the U.S. Food and Drug Administration (FDA).

Cyrus F. Freidheim Jr. is an honorary trustee at the Brookings Institution (think tank) and a member of the Commercial Club of Chicago.

Commercial Club of Chicago, Members Directory A-Z (Past Research)

Tuesday, December 17, 2013

http://thesteadydrip.blogspot.com/2013/12/commercial-club-of-chicago-members.html
Sally Blount is a member of the Commercial Club of Chicago and a director at Abbott Laboratories.

W. James Farrell is a member of the Commercial Club of Chicago and a director at Abbott Laboratories.

Edward M. Liddy is a member of the Commercial Club of Chicago and a director at Abbott Laboratories.

William A. Osborn is a member of the Commercial Club of Chicago and a director at Abbott Laboratories.

Samuel C. Scott III is a member of the Commercial Club of Chicago and a director at Abbott Laboratories.

Glenn F. Tilton is a member of the Commercial Club of Chicago and a director at Abbott Laboratories.

Miles D. White is a member of the Commercial Club of Chicago and the chairman & CEO for Abbott Laboratories.

Christopher B. Begley is a member of the Commercial Club of Chicago and was the SVP for Abbott Laboratories.

Jack M. Greenberg is a member of the Commercial Club of Chicago and was a director at Abbott Laboratories.

Robert L. Parkinson Jr. is a member of the Commercial Club of Chicago and was the president & COO for Abbott Laboratories.

William D. Smithburg is a member of the Commercial Club of Chicago and was a director at Abbott Laboratories.

William M. Daley is a member of the Commercial Club of Chicago, was a director at Abbott Laboratories and the chief of staff for the Barack Obama administration.

Barack Obama was the president for the Barack Obama administration and an intern at Sidley Austin LLP.

Michelle Obama was a lawyer at Sidley Austin LLP.

Barack Obama was an intern at Sidley Austin LLP.

Newton N. Minow is a senior counsel at Sidley Austin LLP and a member of the Commercial Club of Chicago.

Cameron F. Kerry is a senior counsel at Sidley Austin LLP, a fellow at the Brookings Institution (think tank) and John F. Kerry’s brother.

Mark B. McClellan was a senior fellow at the Brookings Institution (think tank) and a commissioner for the U.S. Food and Drug Administration (FDA).

Cyrus F. Freidheim Jr. is an honorary trustee at the Brookings Institution (think tank) and a member of the Commercial Club of Chicago.
Sally Blount is a member of the Commercial Club of Chicago and a director at Abbott Laboratories.