Reckitt is in a ‘unique position to address the baby formula crisis’

Reckitt SVP discusses the company's role in addressing baby formula shortage.
The British firm has greatly expanded its U.S. market share since February.
Shares of the consumer goods company are down more than 2.0% year-to-date.

Reckitt Benckiser Group plc (LON: RKT) is in a “unique position” to address the ongoing baby formula crisis, says Senior Vice President Robert Cleveland.

Cleveland's remarks on CNBC's 'Closing Bell'

The British multinational is waiting for approval from the FDA to bring the product it produces at its Singapore and Mexican facilities to the United States. On CNBC’s “Closing Bell”, Cleveland said:

Also on Thursday, President Biden ordered his administration to mobilize all available tools to ramp up supply of baby formula that meets safety standards.

Since Abbott factory shutdown, Reckitt Benckiser has increased its share in the U.S. market for concentrated formula from 34% to 54%. Speaking with CNBC’s Sara Eisen, the Senior Vice President said:

Abbott recalled formula products and closed its Sturgis plant in February, after reports of at least two infants getting sick with Cronobacter sakazakii infections.