UPDATE 1-Clorox to buy dietary supplements maker Nutranext for $700 mln

(Adds details on the deal)

March 12 (Reuters) - Cleaning product maker Clorox Co said on Monday it will buy Nutranext, which makes multi vitamins and owns brands such as Rainbow Light and Natural Vitality, for $700 million, as it continues to expand its dietary supplements business.

The deal follows the acquisition of digestive health product maker Renew Life in May 2016, said Clorox, whose products range from its namesake bleach and cleaning products to Hidden Valley dressings and sauces.

"Adding Nutranext to our portfolio is consistent with our strategy to accelerate growth through acquisitions of leading brands in fast-growing categories with attractive gross margins and a focus on health and wellness," Chief Executive Benno Dorer said in a statement.

Sunrise, Florida-based Nutranext generated sales of about $200 million in 2017, about 90 percent of which came from the United States.

Oakland, California-based Clorox said it expects to fund the Nutranext transaction through cash and debt financing and that it expects to close the deal in the quarter ending June 30.

The company expects the deal to reduce its earnings by 7 cents to 11 cents per share in that quarter and by 8 cents to 12 cents per share next fiscal year, before adding to profit in fiscal 2020. (Reporting by Vibhuti Sharma in Bengaluru; Editing by Savio D'Souza)