"Abbott Laboratories is recalling about five million containers of Similac powdered baby formula as the company learned that beetles or their larvae could be in the product.
The recall comes after an internal quality review found the "remote possibility of the presence of a small common beetle in one production area" at its Sturgis, Mich., plant.
The maker of drugs and medical devices said the recall won't hurt earnings guidance for the rest of the year. Abbott, though, will record about $100 million of sales returns for the third quarter. The top line is expected to approach $9 billion for the period.
The recalled product was sold in the U.S., Guam and various locales in the Caribbean. Consumers can go to similac.com/recall for more information or call 1-800-986-8850."
Source: Wall Street Journal
By: KEVIN KINGSBURY