Wipro Ltd has signed a definitive agreement to acquire 100% of the L.D. Waxsons
Group, a Singapore-based fast-moving consumer goods (FMCG) company for US$144mil
(RM436.68mil) in cash.
Wipro Ltd is an information technology (IT)
consulting and outsourcing service company located in India. It was initially
set up as a manufacturer of vegetable ghee, vanaspati and refined oils in
Amalner, Dist:Jalgaon, Maharashtra under the trade names of Kisan, Sunflower and
Camel.
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The company logo still contains a sunflower to reflect products of the original
business.
In 1966, after Mohamed
Premji’s death, his son Azim Premji returned home from Stanford University and
took over Wipro as its chairman at the age of 21 and turn the company into IT
consulting and outsourcing services company.
Wipro Ltd have
acquired Unza in Malaysia from Berjaya Group few years ago to become Wipro
Unza have venture into household product.
L.D. Waxson Group, headquartered in Singapore,
has a wide portfolio of brands, including leading skin care brands Bio-essence,
Ginvera and Syahirah, as well as healthcare brand Ebene.
The company has
manufacturing facilities in China and Malaysia and a strong footprint in
Singapore, Malaysia, China, Taiwan, Hong Kong and Thailand.
“This transaction helps us consolidate our
successful facial skincare business in Malaysia to a stronger leadership
position, and moves us to market leadership in Singapore as
well.”
Commenting on the acquisition L.D. Waxson Group chairman Dr Tor
Lam Huat said: “We are happy to join Wipro, a company that shares our passion in
developing brands, driven by consumer insight and innovative marketing and have
seen their success in this region.
“Bio-essence’s success is driven by
providing skincare products that truly perform, with visible results for
consumers. We are confident that with Wipro’s marketing expertise and extensive
distribution network, together we will be able take Bio-essence, Ginvera,
Syahirah and other brands to new heights.”
“This acquisition propels us
into a leading position in the fast-growing skin care market in South-East Asia
and makes us stronger in the pharmacy channel in Malaysia and Singapore. We can
leverage the strengths of the combined entities for driving efficiencies in our
operations, and accelerate the growth of all our focus brands.” said Wipro Unza
CFO (South East Asia, Middle East and Africa) Deepak Chandran.
