BANGALORE: Following the accusation of Unza in 2007, Wipro Limited has signed an agreement to acquire the Yardley business in Asia, Middle East, Australasia and certain African markets for $45.5 million, from UKbased Lornamead Group, the company announced on Thursday.
According to Wipro, the transaction is expected to complete by mid December2009 and Lornamead will retain the Yardley business in Europe and the Americas.
The Lornamead Group acquired Yardley from Procter and Gamble in 2005.
Commenting on the acquistion, Vineet Agrawal, President, Wipro Consumer Care and Lighting said “The transaction fits into our strategy of increasing sales and brand presence in the Middle East.
Our understanding of the Indian markets will also help to expand Yardley across this region.”