Wipro Consumer Care To Acquire Philippines’ Splash Corporation
Wipro Consumer Care announced that it has signed a definitive agreement to acquire Philippine-based personal care company Splash Corporation.
This will be Wipro Consumer Care’s eleventh acquisition, Chief Executive Officer Vineet Agrawal said in a media statement. Addressing a press conference, 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 among 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 a revenue of $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.
The acquisition would enable Wipro brands to grow in the Philippines market by leveraging Splash’s distribution strength across market segments, Agrawal noted. 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.