Martek Biosciences Corp has signed a deal that will help it penetrate the lucrative Chinese market for its nutritional dietary supplement. Martek Biosciences Corp. trades on the “NASDAQ” under the stock symbol “MATK”. For More information regarding “MATK” make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Martek Biosciences Corp.(NASDAQ:MATK) has signed a deal that will help it penetrate the lucrative Chinese market for its nutritional dietary supplement.
The biotech company said Friday that COFCO Food Sales & Distribution Co. has begun supplying retailers in China with cooking oil that contains Martek’s lead omega-3-enriched nutritional oil. Packaging for the product also includes Martek’s logo for the so-called life’sDHA brand.
Terms of the deal were not disclosed, but the edible cooking oils market in China exceeds $9 million, according to a statement released by Martek on Friday. China also is the world’s largest consumer of edible oils, the statement said.
“This product launch is a significant milestone as we seek to expand our presence in international markets like China, and as we continue to diversify our product applications,” David Abramson, Martek’s CEO, said in the statement.
Martek has built its business on the distribution of the DHA omega-3 fatty oil in products such as infant formula, yogurt and other adult foods.
Martek said last month that it earned $9.64 million, or 29 cents a share, for the quarter ended Jan. 31. That was on par with the $9.61 million, or 29 cents, the company earned in the first three months of fiscal year 2009.
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