By IANS,
Bangalore: Wipro Ltd acquired Singapore-based L.D. Waxson Group, a consumer brand firm for $144 million (Rs.78 crore) in an all cash deal, the company said Saturday.
“The acquisition of Waxson will give us leadership in the facial skincare market in Malaysia and Singapore, expand its presence in China and enhance its market position in other Asian markets,” Wipro Consumer Care and Lighting president Vineet Agarwal said in a statement here.
The transaction is expected to be closed in the next two months.
The $68-million Waxson is a leading fast-moving consumer goods (FMCG) firm with skin care brands Bio-essence and Ginvera and healthcare brand Ebene.
The company has manufacturing units in China and Malaysia and has strong presence also in Hong Kong, Taiwan and Thailand.
“With a track record of successful acquisitions, including Unza and Yardley, we see Waxson as a strategic fit. The transaction will helps us to consolidate our facial skincare business in Malaysia to a dominant position and move us to market leadership in Singapore as well,” Agarwal said.
Waxson chairman Tor Lam Huat said Bio-essence’s success was driven by providing skin care products that truly perform, with visible results for consumers.
“We are confident that with Wipro’s marketing expertise and extensive distribution network, we will be able take Bio-essence, Ginvera and other brands to new heights,” Huat pointed out.