Martek Biosciences Corp. / MATK

About Martek Biosciences Corp.

6480 Dobbin Rd., Columbia, Md. 21045
www.martekbio.com | 410-740-0081 | Founded: 1985

Industry: Biotechnology | Category: Top 100 Companies

Martek has had great success getting makers of infant formula to add DHA to their products, but it is still trying to persuade the nation's largest food companies to embrace DHA as an adult nutritional supplement. It has made some progress. In June, the company landed a deal with cereal giant General Mills, similar to one it made in 2005 with Kellogg, the country's No. 1 cereal maker. Kellogg has yet to introduce a product containing DHA, but Martek officials expect that to occur this year. In January, General Mills introduced Yoplait Kids, a yogurt containing DHA.
In recent months, Martek announced partnerships with other foodmakers. Fuji Food Products, which makes sushi for grocery stores, announced it would add DHA to its line of sushi by the end of 2007. Dean Foods, through its subsidiary WhiteWave Foods, said it would develop organic milk and yogurt products containing DHA in mid-2007. Food Tech International added the supplement to its Veggie Patch All Natural California Veggie Burgers.
The company expanded its presence in the international formula market, making deals with large dairy processors in Australia and Europe.
The company initially reported that profit grew in 2006, to $17.81 million compared with $15.3 million the previous year. In April, however, Martek said it had incorrectly accounted for depreciation on assets held for future use, a mistake that would reduce profit for the year by $2.9 million (9 cents a share).
In October, the company undertook a major restructuring of its plant operations, transferring a substantial portion of production from its Winchester, Ky., plant to Kingstree, S.C. The company also reduced its workforce by 100. Officials said the changes will trim operating costs.

2007 Financial Data

Total employees: 510 | Local employees: 160