Wipro Consumer Care inked pact to acquire South African personal care company Canway Corporation, the 12th buyout of the consumer care business of software provider Wipro in the past 16 years, said news reports.
Canway markets brands 'Oh So Heavenly', 'Iwori' and 'IQ', Wipro Consumer Care said.
Wipro Consumer Care (WCCL) will also acquire the manufacturing unit of Canway located in Durban under the deal, said a report in Business standard.
Canway is a $21-million personal care firm in terms of sales and constitutes 30 percent of the South African personal care market, the report said.
“For us, it is a good entry as South Africa has the second-largest GDP in Africa and it has the largest personal care market in the continent,” Vineet Agrawal, chief executive officer (CEO), WCCL, was quoted as saying in the report.
The 'Oh So Heavenly' brand enjoys market-leading position in multiple categories such as Bath & Shower, Hand Creams, Fragranced Body Sprays, and Kids Products, Wipro said.
The company has its own manufacturing plant and R&D centre in Durban.
"This is our 12th acquisition in the last 16 years. It is an important milestone for us given our vision of being among the top 3 players in personal care in Asia and Africa", Agrawal, said.
Canway's is the second buyout for WCCL in a year, said a report in The Economic Times.
In April this year, the local personal care company had acquired Philippines’ personal care maker Splash Corporation for $80 million. Its biggest deal was in 2007 when it acquired Singapore’s Unza Holdings for about Rs 1,000 crore, the report said.
WCCL's sales revenue grew from Rs 304 crore to Rs 6,600 crore in 2017-18 growing 22 times in the past 15 years. Its sales revenue for FY 17-18 stood at $1 billion. The company's international business contributes 51 percent of the revenue, according to WCCL's website.
— With PTI inputs
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Updated Date: Dec 04, 2019 19:07:09 IST