Mumbai: Diversified firm Wipro Ltd on Thursday said it will acquire personal care brand Yardley for USD 45.5 million (about Rs 214 crore).
The company has signed an agreement with UK-based
Lornamead Group, which owns the Yardley brand, for its business in Asia, the Middle East, Australasia and certain African markets, Wipro said in a filing to the Bombay Stock Exchange.
Yardley is a global brand in personal care category
offering fragrance, body wash and skin care products.
"This transaction adds a strong brand to our portfolio of
personal care products. It fits into our strategy of
increasing sales and brand presence in the Middle East," Wipro
president, Consumer Care and Lighting, Vineet Agrawal said.
The transaction is expected to complete by mid-December
2009, it said.
"Our understanding of Indian markets will also help to
expand Yardley across this region," Agrawal added.
Lornamead would, however, retain the Yardley business in
Europe and America, the filing added.
"We will continue to invest in Yardley in Europe and
America in particular through category expansion and new
product development in these core markets where we see
considerable growth opportunities," Lornamead Chief Executive
Mike Jatania said.
Shares of Wipro were trading at Rs 581.40 on BSE, down by
2.42 per cent from its previous close.