By Arra B. Francia, Senior Reporter
SPLASH CORP., maker of Maxi-Peel soap and SkinWhite lotion, has been acquired by Bangalore-based Wipro Consumer Care (WCC) for about P9 to 11 billion.
Splash Founder and Chief Executive Officer Rolando B. Hortaleza announced Monday his holding firm, Ang-Hortaleza Corp. (AHC), signed a deal selling its entire stake in Splash to WCC on April 14.
This came after the Philippine Competition Commission’s approval of the transaction on Feb. 28. Talks for the deal, however, started as early as 2013.
“With Wipro’s broad presence in the international market and its financial muscle, I am confident that Splash brands will continue to grow and expand and be a major player in the global arena. For this reason, I am fully supportive of the entry of Wipro in Splash,” Mr. Hortaleza said in a press briefing in Taguig City Monday.
WCC will now be in charge of the personal care products manufacturer whose products include SkinWhite, exfoliant Maxi-Peel, hair styling aid Vitress, and herbal beauty brand Flawlessly U.
WCC’s Neeraj Khatri will replace Mr. Hortaleza as Splash’s chief executive officer, while other top management will stay on. Mr. Hortaleza said he will also serve as adviser in marketing, innovation, and the over-all transition phase.
For its part, WCC Regional Director Nagender Arya said the company is optimistic it can bring 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, new product development and also expansion into international markets because our footprint in some of the markets where Splash is already available is already well-established,” Mr. Arya said in the same briefing.
WCC’s portfolio covers soaps, toiletries, personal care products, wellness products, electrical wire devices, domestic and commercial lighting, and modular office furniture. Its footprint covers 60 countries, including the Middle East and North Africa region as well as the United Kingdom.
It has a presence in the Philippines through perfume brand Enchanteur, which it noted is a market leader Malaysia, Vietnam, China, and Hong Kong, among others.
Asked if there are plans to introduce its existing brands to the Philippine market, Mr. Arya said it will depend on the local marketing team’s decision.
“That is a judgment we will probably make in one year, do we make a local production or do we make it from Malaysia. We will decide later, not in the immediate future,” Mr. Arya said.
Splash Corp. delivered P4 billion in revenues in 2018, 10% higher year on year. The company expects the double-digit growth momentum to continue this year.