Per Arra B. France, Senior reporter
SPLASH CORP, maker of Maxi-Peel soap and SkinWhite lotion, was acquired by Bangalore-based Wipro Consumer Care (WCC) for about $ 9 to 11 billion.
Splash founder and CEO Rolando B. Hortaleza announced on Monday that its holding company, Ang-Hortaleza Corp. (AHC) has signed an agreement to sell its stake in Splash to WCC on April 14.
This occurred after the approval of the transaction by the Philippine Competition Commission on February 28. Negotiations for the agreement, however, began in 2013.
"With Wipro's extensive presence in the international market and its financial strength, I am confident that Splash brands will continue to grow and expand and will be an important player in the global arena. For this reason, I fully support Wipro's entry into the Splash, "Hortaleza told a news conference on Monday in Taguig City.
The WCC will now be responsible for the manufacturer of personal care products, whose products include SkinWhite, the Maxi-Peel exfoliant, the Vitress styling aid and the herbal beauty brand Flawlessly U.
WCC's Neeraj Khatri will replace Hortaleza as Splash's CEO, while other directors will continue. Hortaleza said he will also act as a consultant in marketing, innovation and in the global transition phase.
In turn, WCC regional director Nagender Arya said the company is optimistic that it can take Splash "to the next level," given its presence in other international markets.
"We believe we will be able to help the organization in terms of R & D, development of new products and also expansion in international markets because our presence in some of the markets where Splash is already available is already well established," Arya said. the same briefing.
WCC's portfolio includes soaps, toiletries, toiletries, wellness products, electrical wire devices, home and commercial lighting, and modular office furniture. Its footprint covers 60 countries, including the Middle East and North Africa region as well as the UK.
It is present in the Philippines through the brand of perfumes Enchanteur, which noted to be a market leader in Malaysia, Vietnam, China and Hong Kong, among others.
Asked if there are plans to introduce their existing brands in the Philippine market, Arya said that this will depend on the decision of the local marketing team.
"This is a trial we will probably do in a year, do a local production or do from Malaysia. We will decide later, not in the immediate future, "Arya said.
Splash Corp. delivered P4 billion in revenue in 2018, an increase of 10% over the previous year. The company expects the double-digit growth pace to continue this year.