Wipro Consumer Care has announced that it has signed a definitive agreement to acquire Filipino personal care company, Splash Corporation.
Splash is the largest personal care player in the Philippines and among the top 5 inn the country overall, recording revenues of US$80 million last year. The company’s brands include SkinWhite, Maxi-peel and Vitress. The acquisition, Wipro’s 11th, will strengthen the Bangalore-based firm’s personal care portfolio as well as completing its South East Asian footprint.
“This is an exciting milestone for us – given our vision of being amongst the top three players in personal care in Asia,” said Vineet Agrawal, CEO, Wipro Consumer Care and Lighting and Executive Director Wipro Enterprises. “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. Brands of Splash overlap with and complement our portfolio. I see tremendous opportunity to further leverage the strengths of our manufacturing, R&D and sourcing for Splash brands. Splash has a strong and stable management team. They have built this business over the years. I find the team very passionate and entrepreneurial in nature.”
Commenting on the acquisition, Rolando B. Hortaleza, CEO and founder of Splash Corporation, said, “I am very glad that Splash is now part of the Wipro family. This gives us immediate access to resources and markets that will help us fuel faster and enable us to unlock the true potential of our brands. Furthermore, Wipro shares our focus of building strategy with local consumer insights, as well as emphasis on driving operational efficiencies. We are confident that with Wipro’s marketing expertise and its international distribution network, we will significantly expand our geographical presence and take our brands to new heights.”