Companies

Wipro Consumer Care acquires Splash Corp of the Philippines

Anil Urs Bengaluru | Updated on April 29, 2019 Published on April 29, 2019

Vineet Agrawal, CEO – Consumer Care and Lighting and Executive Director, Wipro Enterprises (L) and Raghav Swaminathan, CFO – Wipro enterprises at a press conference in Bengaluru.

Wipro Consumer Care on Monday announced that it has signed a definitive agreement to acquire Splash Corporation, a personal care company based in the Philippines.

Without disclosing the deal value, Vineet Agrawal, CEO Wipro Consumer Care & Lighting, and Executive Director, Wipro Enterprises, said: “This transaction will strengthen the company’s consumer care portfolio in personal care and complete the South-East Asian footprint.”

Splash is the largest Filipino personal care player and amongst the top five in that market with revenue of $80 million last year. The company has built iconic brands namely SkinWhite, body lotions; Maxi-peelexfoliants and Vitress, a leave-on hair conditioner. These brands cover a wide spectrum of personal care categories. Agrawal said: “Splash gives us an entry into the Philippines where we have a very insignificant presence at the moment. Splash has around 15 per cent of market share outside of its home base (country). We hope that it will strengthen Wipro’s position across South-East Asia.”

The acquisition strengthens Wipro’s foothold in the five big markets — Indonesia, Malaysia, Thailand, West Asia and Nigeria.

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. The new acquisition meets our internal return on investment (RoI) threshold which is in double digit.”

 

 

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Published on April 29, 2019
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