Nestlé's Chinese ARA Supplier Plunges After Swiss Firm Issues Global Recall of Baby Formula
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Shares of Cabio Biotech fell 11.9% after Nestlé announced a global recall of certain infant formula products due to toxin concerns linked to ARA supplied by Cabio. The recall affects specific batches in 31 countries, but Nestlé stated that the financial impact would be minimal, representing less than 0.5% of annual sales. Cabio Biotech is currently testing its products and will release results soon. The company reported a 29% revenue increase from ARA in 2024, indicating strong demand despite the recall incident.
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