Wipro Limited today announced that it has signed a definitive agreement to acquire 100 per cent shareholding of the L D Waxsons Group, a Singapore-based Fast Moving Consumer Goods (FMCG) company for an all-cash consideration of about $144 million. Revenues on run-rate basis for FY12 are about $68 million. This transaction will give Wipro the 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.
L D Waxson Group, headquartered in Singapore, 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.
Commenting on the transaction, Vineet Agrawal, President, Wipro Consumer Care and Lighting, says: "We welcome L D Waxson group to the Wipro family. We have a great track record of successful acquisitions including Unza and Yardley. We see L D 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."