Wipro Consumer Care to acquire Splash Corporation
Wipro Consumer Care also aims at expanding further to other international markets where Wipro has a strong footprint and brands have latent equity.
Wipro Consumer Care (WCC) Monday announced that it has signed a definitive agreement to acquire Philippine based personal care company Splash Corporation. This will be Wipro Consumer care's 11th acquisition, said WCC Chief Executive Officer Vineet Agrawal.
Addressing a press conference here, he said Splash Corporation has a presence in Indonesia, Thailand, Malaysia, Hong Kong, Vietnam, Nigeria and the Middle East. "This is an exciting milestone for us, given our vision ofbeing amongst the top three 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 aformidatble personal care market," Agrawal said.
The WCC CEO did not share the deal size, saying that it was confidential. He however, noted that Splash has a revenue of USD 80 million.
After the acquisition, Splash founder Dr Rolando B Hortaleza would remain as the consultant and the rest of the team would become part of Wipro Consumer Care, Agarwal said.
"It's the number one local personal care brand there in the Philippines and number five overall. So it's been able to handle the competition which is coming from the MNCs," Agrawalsaid.
The acquisition, he said, would enable Wipro brands to grow in the Philippines market by leveraging Splash's distribution strength across market segments.
Wipro Consumer Care also aims at expanding further to other international markets where Wipro has a strong footprint and brands have latent equity, he added.
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