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01-05-2010, 07:37 AM #1
Marico acquires Colgate-Palmolive unit in Malaysia
Fast moving consumer goods company Marico Monday said it had acquired Malaysian hair styling products firm Code 10 -- a subsidiary of Colgate-Palmolive.
The company did not disclose the amount involved in the transaction.
'The investment behind the brand provides us with a platform in the south east Asian market,' said Marico's international business chief executive Vijay Subramaniam.
Code 10's products include hair creams and gels.
The Malaysian hair styling market is estimated to be about RM 150 million (Rs.204.5 crore/$44 million), and according to Marico, Code 10 is that country's third largest player enjoying a double-digit market share.
Colgate-Palmolive will distribute the Code 10 range of products for a limited period.