The South African personal care maker Canway Corporation has been acquired by Wipro Consumer Care and Lighting (WCCL) as both the companies signed an agreement on Tuesday.
This deal will help Wipro enter the personal care market in South Africa. Over the last seventeen years Wipro has spent USD 950 million on 12 acquisitions. In April, WCCL acquired Splash Corp., the Philippines’s largest personal care company.This is the first time that WCCL has made two acquisitions this fiscal, Canway being the second.
Vineet Agrawal, chief executive officer of WCCL elobrated,“This acquisition gives WCCL a significant entry into South Africa and other African markets. It is an important milestone for us given our vision of being among the top three players in personal care in Asia and Africa. We are excited to be in South Africa, the largest personal care market in Africa and the second-largest economy of the continent.”
Commenting on the acquisition Agarwal added, “We are clear that we want a footprint in developing countries where we have a headway and penetration and consumption goes up. South Africa is a developing country with a per capita income of USD 6300, which is three times that of India. Canway has grown double-digit over the years. It gives us a tremendous base.”
However on bringing Canway products to India, the brand is yet to evaluate the launch in the country and is likely to come up with a plan by the end of January.