Wipro to acquire Singapore's LD Waxsons Gr for $144 mn
New Delhi: Wipro Ltd on Saturday said it will fully acquire LD Waxsons Group, a Singapore-based fast moving consumer goods (FMCG) company for an all cash consideration of about USD 144 million (nearly Rs 790 crore).
The company said it has signed a definitive agreement to acquire 100 per cent shareholding of the LD Waxsons Group which will give it ownership of skincare brands, Bio-essence and Ginvera.
The transaction is expected to be closed within the next 60 days, the company said in a statement.
Commenting on the transaction, Wipro Consumer Care and Lighting President Vineet Agrawal said: "We see LD Waxson as a good strategic fit. This transaction helps us consolidate our successful facial skincare business in Malaysia to a dominant leadership position, and moves us to market leadership in Singapore as well."
LD Waxson Group is a leading company with a wide portfolio of brands, including leading skin care brands Bio-essence and Ginvera, and health care brand Ebene. The company has manufacturing facilities in China and Malaysia and a strong footprint in Singapore, Malaysia , China, Taiwan, Hong Kong and Thailand.
The group had revenues of about USD 68 million in FY12.
Post the acquisition, Wipro will gain leadership position in the facial skincare market in Malaysia and Singapore, expand its presence in China, besides enhancing its market position in other Asian markets, the company said.
"This acquisition enables us to establish a significant presence in the China skin care market. It helps us to expand to Western and Eastern China markets and enter the Taiwan market. It also makes us stronger in pharmacy channel in Malaysia," Wipro Consumer Care and Lighting Regional Director (East Asia, Middle East and Africa) Nagender Arya said.
LD Waxson Group Chairman Tor Lam Huat said: "We are confident that with Wipro's marketing expertise and extensive distribution network, together we will be able take Bio-essence, Ginvera and other brands to new heights."