Source Food and Hormel to market omega-3 fish oils
May 07, 2007
by FoodBusinessNews.net Staff
RESEARCH TRIANGLE PARK, N.C. — Source Food Technology, Inc. and Hormel Foods Corp. are forming a joint venture to develop and market omega-3 fish oils and combination products based on Source Food Technology’s proprietary oil purification technology.
The new entity is called Hormel Health Technology LLC. The transaction includes the purchase of assets of Source Food Technology and the contribution of intellectual property rights.
"We are very excited about our alliance with such an icon company, said Hank Cardello, Source Food Technology chairman and chief executive officer. "Hormel Health Technology provides a vehicle to leverage Hormel’s food applications expertise and its purchasing, sales, marketing and logistics systems. We envision Hormel Health Technology becoming the preeminent supplier of the most stable, highest quality omega-3’s for incorporation into foods and beverages."