Wipro buys part of Yardley retail business for $45 mn

Bangalore, Nov 5 (IANS) 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.