Personal care company Splash Corp. may soon export to over 44 countries after agreeing to a sale agreement with Wipro Consumer Care of India.
Splash is now a wholly-owned unit of Wipro, which itself manufactures and distributes 44 personal care products globally. The sale is valued at about P9 billion to P11 billion.
Wipro will own the domestic and international retail personal care business of Splash, which will include related inventories, plant, property and equipment, intangible assets such as patents and trademarks and foreign subsidiaries.
Former Splash owner and founder Rolando Hortaleza said Splash would receive a big boost with the backing and support of Wipro.
“This new investment will help achieve its full potential. It has been growing at an average of 10 percent in the last five years. I know that Wipro can sustain and even surpass this growth,” he said in a briefing Monday.
The sale of Splash took five years to be finalized and consummated.
Wipro regional director Nagender Arya said his company would continue to follow Splash’s direction for growth and development and accelerate company plans.
“The Philippines is a very important market for us. It’s growing faster than market growth rates and continues to outperform markets. This transaction gives us a market leading position in the Philippine market, which is one of the strong economies in the region and a formidable personal care market,” said Arya.
“Brands of Splash overlap with our portfolio in the region and I see tremendous opportunity to further leverage the strengths of our manufacturing, R&D and sourcing for Splash brands,” he added.
Splash is famous for several personal care products such as skin exfoliant Maxipeel, skin whitening lotion Skin White and hair care products Vitress and Colours and continued to dominate the market.