Wipro acquires Philippines largest personal care company Splash Corporation
Wipro Consumer Care on April 29 announced that it has signed a definitive agreement to acquire Splash Corporation - Philippines' largest Personal Care Company.
Wipro Consumer Care on April 29 announced that it has signed a definitive agreement to acquire Splash Corporation — Philippines' largest Personal Care Company. This transaction strengthens Wipro Consumer care portfolio in personal care and completes the South East Asian footprint. Splash is the largest Filipino personal care player and amongst Top 5 in the Philippines market. It recorded revenues of $80 million last year. The Company has built iconic brands, namely SkinWhite – a strong brand in body lotions, Maxi-peel the numero uno brand of Exfoliants, Vitress – a leave on hair conditioner. These brands cover a wide spectrum of personal care categories and are in leading positions in respective segments in the country.
Commenting on the transaction, Vineet Agrawal, CEO, Wipro Consumer Care and Lighting and Executive Director Wipro Enterprises said, “This is an exciting milestone for us - given our Vision of being amongst the top 3 players in Personal Care in Asia. Splash gives us a market leading position in the Philippines, which is one of the strong economies in the region and a formidable personal care market. Brands of Splash overlap with and complement our portfolio. I see tremendous opportunity to further leverage the strengths of our manufacturing, R&D and sourcing for Splash brands. Splash has a strong and stable management team. They have built this business over the years. I find the team very passionate and entrepreneurial in nature.”
Elaborating upon the acquisition, Dr Rolando B Hortaleza, CEO and founder, Splash Corporation said, “I am very glad that Splash is now part of the Wipro family. This gives us immediate access to resources and markets that will help us fuel faster and enable us to unlock the true potential of our brands. Furthermore, Wipro shares our focus of building strategy with local consumer insights, as well as an emphasis on driving operational efficiencies. We are confident that with Wipro’s marketing expertise and its international distribution network, we will significantly expand our geographical presence and take our brands to new heights.”
“This acquisition enables us to grow Wipro brands in Philippines market by leveraging Splash’s distribution strength across market segments. Splash’s brands can be expanded further to other international markets where Wipro has a strong footprint and brands have latent equity. Splash brands are not only strong in the Philippines, but also have tremendous equity in multiple international markets like Indonesia, Vietnam, Hong Kong, Middle East and Nigeria.” said Nagender Arya, Regional Director (East Asia, Africa and Europe), Wipro Consumer Care.
Supporting Nagender Arya's views on Wipro acquisition of the Philipino company Raghav Swaminathan, CFO, Wipro Enterprises, said, “This is our 11th acquisition in consumer business and it reinforces our commitment to continue to invest in emerging markets to build a strong portfolio of local jewels that have created a niche market for themselves.”
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.