Bengaluru: Wipro Consumer Care (WCC) on 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 of being 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 a formidable 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 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," Agrawal said.
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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.
CFO of Wipro Enterprises, Raghav Seminarian said the company's vision is to get 2 billion dollars in the next three years and this acquisition is a landmark to achieve this goal. The current revenue of Splash is 80 billion dollars and it is expected to grow in double digits, that is faster than GDP growth.
He further added the management won't be changing and keeping locals will be an advantage and believed that this step will be a success.
