Wipro Ltd's Consumer Care & Lighting division on Friday announced the acquisition of the Singapore-based personal care products firm - Unza Holdings Ltd - for Rs 10.1 billion ($246 million) in an all-cash deal.
<b1>According to a company statement here, the 100 per cent takeover process will be completed by month-end. The deal will make the combined entity a force to reckon with across Asian markets in the personal care segment.
As the leading fast-moving consumer goods (FMCG) firm in Southeast Asia catering to millions of Asian consumers, Unza posted Rs 6.83 billion in sales with a double digit operating margin for the fiscal year ending April 2007. The topline growth was 14 per cent year-on-year in dollar terms.
With operations in over 40 countries and manufacturing plants in Malaysia, Vietnam, China and Indonesia, Unza markets a range of personal care brands such as Enchanteur, Safi, Romano and Izzi, besides two top detergent brands - Vigor and Maxkleen.
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"The acquisition will double our addressable market size in terms of GDP. Unza has an excellent product range and a large portfolio of strong brands catering to Asian consumers," Wipro Consumer Care president Vineet Agrawal said.
Unza Managing Director Gavin D Welman said that being part of Wipro would give the company access to resources to fuel further growth and unlock the potential of Unza's popular brands.
"Wipro's focus on quality initiatives, consumer research and processes will help Unza scale newer heights. We are excited by the prospect of working together and creating an even stronger position across Asian markets," Welman said.