Wipro acquires Philippines-based personal care firm Splash Corp
Wipro Consumer Care has acquired a Philippines-based personal care firm Splash Corporation to strengthen the company’s presence in the personal care segment in India.
The acquisition is expected to give a fillip to Wipro’s Consumer Care division as Splash is one of the world’s leading players in the personal care segment.
Commenting on the acquisition, Vineet Agrawal, CEO Wipro Consumer Care in a statement 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. Splash gives us an entry into the Philippines where we have a very insignificant presence at the moment. Splash has around 15 percent of market share outside of its home base (country). We hope that it will strengthen Wipro’s position across South-East Asia,” he added.
Raghav Swaminathan, chief financial officer at Wipro Enterprises added, “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.”
Wipro Consumer Care, which started in 1945 is one of the leading players in India’s personal care segment with brands like Santoor, Romano, and Yardley.
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