Thanks academic's company for sauce (7)

I believe the answer is:

tabasco

'for sauce' is the definition.
(Tabasco sauce is an example)

'thanks academic's company' is the wordplay.
'thanks' becomes 'ta' (UK informal version of 'thank you').
'academic's' becomes 'ba's'.
'company' becomes 'co' (abbreviation).
'ta'+'bas'+'co'='TABASCO'

(Other definitions for tabasco that I've seen before include "Mexico state" , "Hot sauce made from capsicums" , "Red pepper sauce" , "Mexican state; pungent sauce" , "condiment?" .)

I've seen this clue in the Sydney Morning Herald.

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