Label when company produces sauce (7)
I believe the answer is:
tabasco
'sauce' is the definition.
(I know that Tabasco is a type of hot sauce)
'label when company' is the wordplay.
'label' becomes 'tab' (I've seen this in another clue).
'when' becomes 'as' (eg 'when I walked' means 'as I walked').
'company' becomes 'co' (abbreviation).
'tab'+'as'+'co'='TABASCO'
'produces' acts as a link.
(Other definitions for tabasco that I've seen before include "Red pepper sauce" , "condiment?" , "A hot spicy sauce" , "ASBO Act (anag) - hot stuff!" , "Hot red sauce" .)