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| Wipro buys select Yardley biz for $45.5mn | |
| BS Reporter / Mumbai November 5, 2009, 11:39 IST | |
The consumer care and Lighting business of Wipro acquired the Yardley business in Asia, Middle East, Australiasia and certain African markets for $45.5 million (around Rs 215 crore) from UK-based Lornamead Group.
The revenue run-rate of the business for FY10 is $24 million (around Rs 112.8 crore). The transaction is expected to be completed by mid-december 2009. Lornamead Group will retain the Yardley business in Europe and the America’s.
This is the second largest acquisition made by the Consumer Care and Lighting division of the company. In 2007 Wipro Consumer Care and Lighting acquired Unza for $256 million.
“This transaction adds a very strong brand to our portfolio of personal care products. It fits into our strategy of increasing sales and brand presence in the Middle East. Our understanding of the Indian markets will also help to expand Yardley across the region,” said Vineet Agharwal, President Wipro Consumer Care and Lighting.
The Lornameads’ Group acquired Yardley from Procter & Gambles in 2005 and following this acquisition, made investments in the brand’s product development, distribution channels and maerchandising across international markets, significantly increasing Yardley’s overall sales and profitability, said a statement from Wipro.
Wipro Consumer Care and Lighting recorded revenues of Rs 2080 crore for the year ended March 31, 2009. Some of its other acquisitions include Chandrika, Glucovita and Northwest brands.
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