Stevia supplier GLG Life Tech has slashed its revenue expectations for 2011 and has seen its share price slip to a year low, as it reported its second quarter results.
Stevia supplier GLG Life Tech has said its business is likely to increase by 50 to 60 percent in 2011 compared to a year earlier, mainly due to increased demand in China.
GLG Life Tech’s joint venture in China has been given the go-ahead by Chinese authorities to provide its stevia-derived sweeteners for use in foods and beverages, the company has said.
China’s reputation as an ingredient supplier has suffered from a spate of food safety problems – but the food industry should not paint all China-based companies with the same broad brush, says stevia supplier GLG Life Tech.
Stevia supplier GLG Life Tech has signed a five-year deal with Sugar Australia for distribution and marketing of its stevia-derived sweeteners for the Australian and New Zealand food and beverage markets.
Stevia supplier GLG Life Tech has announced that it is looking to develop agricultural and extraction facilities for stevia in India, as well as market its stevia extracts in the nation.