Bloomberg News

Wal-Mart Invests $16.3 Million to Improve China Food Safety

May 09, 2013

Wal-Mart Stores Inc. (WMT:US), the world’s largest retailer, will invest 100 million yuan ($16.3 million) over three years to improve food safety in China as it works to bolster its image after a series of food-related citations.

Some of the funds will be used to expand a mobile food-inspection lab program to cover 70 stores in Guangdong Province, Bentonville, Arkansas-based Wal-Mart said today in an e-mailed statement. The retailer will also increase supplier training, improve store standards, recruit more food-safety experts and expand its fresh-food distribution.

Wal-Mart last year was cited by the Beijing Food Safety Administration for selling sesame oil and squid with hazardous levels of chemicals. In October 2011, police arrested Wal-Mart workers in Chongqing amid a probe of allegations the retailer mislabeled ordinary pork as organic. They were later released.

Wal-Mart fell 0.7 percent to $78.25 yesterday in New York. The shares (WMT:US) gained 15 percent this year through yesterday, compared with a 14 percent gain for the Standard & Poor’s 500 Index.

To contact the reporter on this story: Kevin Orland in Chicago at korland@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net


Monsanto vs. GMO Haters
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • WMT
    (Wal-Mart Stores Inc)
    • $77.06 USD
    • -0.15
    • -0.19%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus