Companies in the News: Metabolife International, Cevena Bioproducts, Inc., Golden Opportunities Fund, Foragen Technologies Limited Partnership, AVAC, Ltd., INS Bioscience Bhd, Solae Co., Glanbia, Danisco, Ocean Nutrition Canada Limited, WILD Flavors Berlin GmbH & Co. KG, Leiner Health Products Inc., GoForLife Labs, Fuji Chemical Industry Co., Ltd., Astavita, Zila, Inc., Ajinomoto, Martek Biosciences Corporation, Cargill Health & Food Technologies.
[6/30/2005] Beleaguered Metabolife Could Seek Bankruptcy
According to an article on SignOnSandiego.com which cites court documents as its source, supplement company Metabolife International might file for bankruptcy as early as today. According to the article, the proposed filing comes after failed attempts to reach a settlement in the multi-million dollar class action lawsuit the company is facing involving its ephedra-based supplement product, and the legal uncertainty is making potential buyers extremely wary.
[6/29/2005] Cevena Bioproducts Announces $6 Million in Financing Funding to Help Launch Key Heart-health Ingredient
Canada-based ingredient company Cevena Bioproducts, Inc. has announced the securing of $6.0 million ($4.8 million USD) in funding for the commercialization of the company's Viscofiber® B-glucan ingredient. According to the release, the Business Development Bank of Canada’s Venture Capital Group led the round and was joined by Golden Opportunities Fund (Saskatoon, Sask) as well as existing investors Foragen Technologies Limited Partnership (Saskatoon, Sask) and AVAC, Ltd. (Calgary, AB).
[6/28/2005] Malaysia's INS Bioscience Eyes China, US, West Asia Markets
According to an article on Bernama.com, Malaysia-based INS Bioscience Bhd, which produces wheatgrass-based health supplements, plans to expand operations into China, the United States and West Asian markets later this year. The company is set to be listed on Bursa Malaysia by the end of next month, and posted 2004 results of revenue of RM20.494 million ($5.4 million USD) and a profit of RM4.59 million($1.2 million USD).
[6/27/2005] Solae Plans Wholly Owned India Subsidiary
According to an article on food Ingredients First, US-based soy products company Solae Co. is in the process of establishing a wholly owned subsidiary in India, Solae Co. India, with an investment of Rs 25 crore (USD $5.8 million).
[6/23/2005] Glanbia Opens New Innovation Center
According to an article on TRE.ie, Ireland-based Glanbia has opened a new innovation center in Kilkenny, Ireland which involves an investment of €15m over five years. According to the article, the center is supported by EnterpriseIreland and employs 42 research scientists with this number to increase to 52 in October when a further 700 sq meter expansion is complete.
[6/22/2005] Danisco Announces Higher Profits, Sales
According to an article on just-food.com, Denmark-based ingredients company Danisco has announced financial results for the year ending April 30 with profits of 1.242bn Danish Kroner (US$203m) versus 1.009bn prior year, on revenues which rose from 16.397bn to 17.835b.
[6/21/2005] Ocean Nutrition Canada Announces Opening of Australian Office, Kevin Krail appointed as General Manager
Canada-based marine ingredient company Ocean Nutrition Canada Limited has announced the opening of a regional office in Sydney, Australia, and the appointment of Kevin Krail to serve as general manager, reporting directly to Robert Orr, president and CEO.
[6/20/2005] WILD Flavors Berlin GmbH & Co. KG: Enhancement of Production and Storage Capacity
Germany-based WILD Flavors Berlin GmbH & Co. KG has announced an expansion of its production and storage capacities in Berlin, Germany, with the addition of a new 6,0000 square meter building, increasing the grounds by approximately 30 percent.
[6/15/2005] Leiner Health Products Reports Fourth Quarter and Full Year 2005 Results
US-based health products manufacturer Leiner Health Products Inc.(LEI) has announced FY05 Q4 and full year results, reporting net sales for the quarter of $174.6 million compared to $168.9 million prior year, while noting higher sales of joint care products and lower sales of Vitamin E in light of negative media. Net income was $6.4 million for the quarter, compared to $16.3 million for the same period in fiscal 2004.
[6/14/2005] GoForLife Labs Announces Name Change to Astavita
US-based supplement company GoForLife Labs, a subsidiary of Fuji Chemical Industry Co., Ltd. has announced that effective immediately, the company's name will be Astavita.
[6/10/2005] Zila, Inc. Announces Its Fiscal 2005 Third Quarter Results
US-based health products company Zila, Inc. (ZILA) has announced FY05 Q3 results, reporting revenues of $14.1 million, compared to $12.7 million prior year. According to the company, nutraceutical revenues were $10.4 million versus $8.4 million the previous year, while gross margins for the nutraceuticals group rose to 70% from 65%, due primarily to lower ascorbic acid costs.
[6/10/2005] Ajinomoto to Construct New R&D Facility
According to an article on Japan's Corporate News Network, food company Ajinomoto (TSE: 2802) is set to invest 5 billion yen ($46 mil) in the construction of a new R & D center on the compound of its Kawasaki plant.
[6/10/2005] 2004 Sports Nutrition & Weight Loss Sales Up 14% to $15.6 billion
US-based Nutrition Business Journal has issued its 2005 Sports Nutrition & Weight Loss Report, reporting that sales in the category grew 14% in 2004 to reach $15.6 billion. The report goes on to forecast that SNWL products will sustain compound annual growth rates of 5-7% the next 8 years, reaching sales of $22.8 billion in 2013.
[6/8/2005] Martek Announces Second Quarter Financial Results
US-based Martek Biosciences Corporation (MATK) has announced FY05 Q2 results, reporting revenues of $55.8 million compared to $41.9 million for the second quarter of fiscal 2004, with income before income taxes of $5.4 million versus $3.4 million prior year.
[6/7/2005] Cargill To Expand OptaFlex(TM) Natural Chondroitin Manufacturing Capabilities in the U.S.
US-based ingredient company Cargill Health & Food Technologies has announced that it has completed engineering for a planned expansion of OptaFlex™ natural chondroitin sulfate manufacturing capabilities at its Denver, Colo., facility within the next few months.