Martek sells 'significant' piece of Kentucky plant

September 23, 2010|By Gus G. Sentementes, The Baltimore Sun

Columbia-based Martek Biosciences Corp. Thursday said it agreed to the $14 million sale of a "significant portion" of a Kentucky plant used to make a health supplement for infant formula.

The sale is part of a restructuring effort to lower Martek's production costs as prices for its infant formula additive, which benefits brain development, have dropped. The deal includes a majority of the land and buildings at the site in Winchester, Ky., but does not include the sale or rights to any of Martek's patents or other technologies.

About 45 Martek employees were laid off in the plant restructuring, while 50 employees will continue to work in a portion of the facility still owned by Martek, the company said.

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