rose 11% Friday on news of a supply agreement with
Columbia, Md.-based Martek said General Mills may develop certain food products containing Martek DHA. The cereal giant must purchase substantially all of its DHA needs from Martek for these products in the U.S. and other designated territories, Martek said. DHA is a long chain omega-3 fatty acid that Martek says supports brain, eye and cardiovascular health throughout life.
But the company noted that "there are no minimum purchase requirements or other financial commitments to Martek."
General Mills plans to launch a product containing Martek DHA in 2007, Martek said.
"The General Mills agreement is another step toward widespread use of Martek's vegetarian source of DHA in foods and beverages," Martek said.
The company's shares rose $3.04 to $29.75 Friday.
This story was created through a joint venture between TheStreet.com and IRIS.