Abbott Laboratories is building a new infant-formula manufacturing plant after the product shortage of the past year revealed gaps in U.S. production capacity.
The Chicago area-based company plans to spend $500 million to build a new baby-formula plant, chief executive Robert Ford said. An analysis of the domestic market showed the U.S. could use more capacity to ensure such shortages don't happen again.
"We are currently in the final stages of determining the site location," Ford told analysts and investors Wednesday morning.
