FMCG group Marico has announced its foray into the Malaysian hair styling market by acquiring the brand Code 10 from Colgate-Palmolive for an undisclosed amount. Marico has acquired Code 10 and related Intellectual Property Rights through Marico Malaysia Sdn Bhd,a wholly owned subsidiary of Marico Middle East FZE,Marico CEO (International Business) Vijay Subramaniam said. Code 10 brings strong consumer equity. We believe that this acquisition will help the company chart a new growth trajectory in the Malaysian hair styling market, Subramaniam said. The acquisition would provide Marico a platform in the South East Asian market,which will enable the company to grow faster organically in the region,Subramaniam said. The companies also entered into a Transition Services Agreement,under which Colgate-Palmolive will continue to distribute the Code 10 range of products for a period of six months. Code 10 range consists of hair creams and gels.
