Martek Biosciences Corporation, a leading supplier of omega-3s in the nutrition industry, has announced a supply agreement with international foods manufacturer Hero. The multi-year agreement will allow Market to be the exclusive supplier for Hero’s ARA and DHA needs for baby formula, as well as other products including milks, functional foods and weaning foods.
Hero was founded in Lenzburg, Switzerland and today employs more than 3,500 people in 30 countries. In 2007 Hero reached over $1.7 billion in sales. Martek’s life’sDHA and life’sARA have been wildly popular and are now said to be used in over 95% of U.S. baby formula products.
Ethan Leonard, VP of pediatric nutrition for Martek commented on the deal, “This new agreement with Hero is another important step in Martek's effort to expand its international presence in the infant formula market. We are pleased to be working with Hero and believe this agreement again demonstrates that companies around the world continue to recognize the importance of adding Martek's trusted sources of DHA and ARA to products for infants and children."
NBJ estimates that Martek Biosciences’ 2007 raw material and ingredient sales reached $283 million in the U.S. Martek’s stock price has risen 17% from September 26, 2007 until now. Shares were trading at $33.33 to start the day. More information on the supply agreement is available on the company’s website.