Stevia extract supplier ends marketing j.v.
March 31, 2010
by Jeff Gelski
VANCOUVER, B.C. — GLG Life Tech Corp. will market all of its stevia-based products itself after GLG Life Tech and Weider Global Nutrition L.L.C. dropped their respective claims against each other in the Supreme Court of British Columbia, GLG Life Tech said March 30. The two companies also agreed to wind up their joint venture, GLG Weider Sweet Naturals Corp.
GLG Life Tech, Vancouver, and Weider Global Nutrition, Salt Lake City, signed a definitive agreement on Sept. 9, 2008, to form the joint venture, which was dedicated to the sale of dietary and tabletop supplements containing various GLG Life Tech products.
Weider Global Nutrition on Nov. 4, 2009, started legal proceedings and claimed the joint venture, GLG Weider Sweet Naturals Corp., was the exclusive marketing and sales arm of GLG Life Tech, except for the strategic alliance and supply agreement with GLG Life Tech’s main customer.
GLG Life Tech on Nov. 11, 2009, filed a statement of defense and counterclaim that disagreed with Weiber Global Nutrition’s claim that GLG Weider Sweet Naturals Corp. was entitled to a larger share of GLG Life Tech’s stevia business.