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Stock Market & Financial Investment News

News Breaks
February 25, 2013
07:43 EDTMJNMead Johnson says Hong Kong to limit flow of formula products to mainland China
Mead Johnson (MJN) disclosed in a regulatory filing that Hong Kong's government has imposed a regulation designed to limit the flow of formula milk products out of the territory. Effective March 1, to ensure adequate supplies for local infants and young children, the authorities will limit travelers departing Hong Kong to 1.8 kilograms, equivalent to two 32-ounce cans, of formula milk for children up to 36 months of age, according to Mead Johnson. The company said approximately 30% of Mead Johnson sales in the China/Hong Kong market originate in Hong Kong and it is believed that a substantial portion of the products sold in Hong Kong are taken to mainland China by visitors and private resellers. The company said no change is being made to its most recent earnings guidance, at this time. The company added, "It is difficult to quantify the potential net impact, if any, of the restriction on the company’s overall China/Hong Kong business. The Company will carefully monitor retailer orders and consumer purchases across the China/Hong Kong market following the implementation of the new restriction to determine if any reduction in Hong Kong purchases by visitors and resellers may be offset by increased demand in mainland China. The Company will consider actions as necessary to address any changes in market dynamics that may result from the new regulation."
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July 2, 2015
09:22 EDTMJNMead Johnson Nutrition names Michel Cup EVP, CFO
Mead Johnson Nutrition announced that Michel Cup will join the company as executive VP and CFO, effective September 1. Cup will assume responsibility for Mead Johnson’s global finance function and information systems and management. He will also oversee the company’s external development efforts. Cup was most recently the CFO of D.E. Master Blenders 1753, an international coffee and tea company based in the Netherlands. Cup will take over from Charles Urbain, who currently serves as the company’s interim CFO. Effective September 1, Urbain will assume a newly created role as executive VP and COO.

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