Wipro acquires Singapore-based FMCG company LD Waxson for $144m

Consumers goods company Wipro Consumer Care and Lighting (WCCL) has acquired the Singapore-based fast moving consumer goods(FMCG) company LD Waxson for INR7.8bn ($144m).

This is firm’s second largest acquisition, while in 2007 it had acquired Unza, a Singapore-based FMCG brand, for $246m.

Following the acquisition, which is expected to close in next two months, Wipro is aiming to gain major position in the facial skincare market in Malaysia and Singapore, expand its presence in China, and also improve its market position in other Asian markets, the company said.

Headquartered in Singapore, L.D. Waxson Group is a FMCG company with a portfolio of skin care brands Bio-essence and Ginvera, and health care brand Ebene.

The company has manufacturing facilities in China and Malaysia with operations in Singapore, Malaysia, China, Taiwan, Hong Kong and Thailand.

LD Waxson Group is expected to register revenues of about $68m for the calendar year 2012.

WCCL president Vineet Agrawal said the firm is happy to add LD. Waxson group to its 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," Agrawal added.

WCCL, is a subsidiary of an an Indian multinational provider of information technology (IT) services, consulting and outsourcing services company Wipro, whose portfolio of national and international brands include Santoor, Chandrika, Aramusk, Enchanteur, Yardley, and Woods of Windsor.