With its $700 million acquisition of dietary supplement maker NutraNext, Clorox is making a deliberate stride into its newest target market: vitamins, minerals and supplements, CEO Benno Dorer told CNBC on Thursday.
“Two-thirds of the U.S. population use supplements and a lot of consumers, as we age, but also millennials, are looking for a healthier lifestyle and vitamins, minerals,” Dorer told Cramer. “And supplements play an important role and in the future, for us, will form a very important and long-term growth runway.”
Having acquired top probiotics brand Renew Life in 2016, Clorox has been pushing into the niche self-care space for some time. Dorer said that the company has recently started innovating within that space, with the first non-GMO-based Renew Life product in the works.
“We have a dedicated new line for kids … because a lot of moms like to give their kids probiotics to aid with their health and wellness and their digestion, so this is a great growth platform for us,” the CEO said. “We expect it to grow double digits this fiscal year and there’s a lot of growth still to be had on Renew Life for us.”