Clorox Co. posted better-than-expected profit in its latest quarter and said it bought digestive supplement maker Renew Life, expanding the consumer products maker into the probiotics space.
For Clorox, the acquisition of Renew Life, a brand with an emphasis on digestive health, is an entry into what the company called a "highly fragmented" digestive supplement market. Clorox said Renew Life, which it agreed to buy for $290 million in cash, generated sales of about $115 million last year. The deal closed Monday, Clorox said.
Clorox also raised its full-year earnings guidance to a...