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Business Wipro buys part of Yardley retail business for $45 mn
Wipro Consumer Care and Lighting, the FMCG arm of the IT bellwether, Thursday announced the acquisition of Yardley personal care business in Asia, Middle East, Australasia and some African markets from the British based Lornamead group for $45.5 million (Rs. 214 crore). "The acquisition of Yardley business is on run-rate basis of $24 million for this fiscal (FY 2010)," the company said in a regulatory filing. The transaction is expected to be completed by mid-December. Lornamead, which bought Yardley from Procter & Gamble in 2005, will retain Yardley business in Europe and Americas. The 239-year-old Yardley is a strong heritage global brand in the personal care with fragrance products, bath and shower products and skin care. "The brand has a strong equity globally in markets, including Asia, Middle East, Australasia and Africa," the company said in a statement later. fc/mj ( 154 Words) 2009-11-05-12:22:25 (IANS)
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