, a maker of nutritional oils and supplements, said Monday that it signed a 15-year license and supply agreement with WhiteWave Foods.
The news sent Martek's shares up 8% to $24 in recent trading.
WhiteWave is planning to develop certain soy beverages containing Martek's flagship product, life'sDHA. WhiteWave agreed to purchase all of its DHA omega-3 needs from the Columbia, Md.-based company.
WhiteWave expects the initial launch of the product to take place during 2007. Financial terms of the deal weren't disclosed.
"I believe that Martek's agreement with WhiteWave is another step forward towards the widespread use of Martek's life'sDHA in a variety of food and beverage products," said Steve Dubin, CEO of Martek. "We look forward to working with WhiteWave, a leader in corporate citizenship that is known for manufacturing innovative, authentic and nutritious branded food products through socially and environmentally responsible practices."
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