Procter & Gamble Co. now owns Thorne, the Summerville maker of vitamins and supplements.
On Oct. 1, P&G “completed the acquisition of Thorne” for “$3.9 billion in an all-cash transaction,” the Cincinnati consumer products company said in a quarterly report filed with the Securities and Exchange Commission on Oct. 22.
That is $100 million more than the $3.8 billion P&G cited in its annual report when it agreed to buy Thorne on Aug. 4. The quarterly filing does not explain the difference. In August, P&G said it expected the deal to close between October and December, subject to regulatory approval.
The filing describes Thorne as a premium wellness and supplement brand that sells mainly in North America. It will be part of P&G’s Personal Health Care segment. P&G said Thorne’s results are “not material to the Company” and will first show up in its financial statements for the quarter ending Dec. 31.
P&G took on debt for the deal. Its financing activities in the July-to-September quarter reflected “a net debt increase related to the planned acquisition of Thorne,” the filing said.
In its earnings release the same day, P&G said it now expects total sales for its fiscal year ending June 30, 2027, to grow 2% to 4%, a forecast it said reflects the Thorne acquisition. The company reported $23.3 billion in sales for the July-to-September quarter, up 4% from a year earlier.
Thorne Research Inc. lists its address on its website as 620 Omni Industrial Blvd. in Summerville. Gov. Henry McMaster attended the company’s groundbreaking in Summerville in September 2017, according to the governor’s office.
Neither the filing nor the earnings release said whether P&G plans any changes to Thorne’s Summerville operations or workforce.
