19th Oct 2006 07:00
WPP Group PLC19 October 2006 For Immediate Release 19 October 2006 WPP announces four acquisitions in Asia Two in the BRIC* markets of India and China and two in South Korea WPP today announces four acquisitions in Asia - two in the strategic BRICmarkets of India and China and two in South Korea - in a move which underlinesthe Group's long-standing commitment to the dynamic Asian region. In India, WPP has taken a majority stake in Bangalore-based Ray + KeshavanDesign Associates Private Limited, a leading Indian brand identity and designagency. Founded in 1989, the agency, which employs 33 people, has developed ablue-chip client portfolio that includes Airtel, Hindustan Lever, Infosys, KotakMahindra Bank and Wipro. Revenues for the year ended 31 March 2006 were Rs58.2 million with gross assets of Rs 40.2 million at the same date. In China, WPP's wholly-owned operating company, Ogilvy & Mather Worldwide, theglobal advertising and marketing communications network, has acquired, subjectto regulatory approval, 70% of the share capital of Beijing Century HarmonyAdvertising Co. Limited, a leading internet advertising agency in the People'sRepublic of China. Based in Beijing with a branch in Shanghai, the five yearold company employs 93 people. It had unaudited revenues of CNY 13.6 millionfor the year ended 31 December 2005 with gross assets of CNY 25.9 million at thesame date. Clients include ICBC, Li Ning and Yahoo China. In South Korea, WPP's wholly-owned operating company Wunderman, the globalcustomer-focused marketing communications network, has agreed to acquire thebusinesses of SRP Corporation Limited and ComHaus Korea Limited, both marketingservices companies. Seoul-based SRP, founded in 2002, employs 12 people.Revenues for the year ended 31 December 2005 were US $0.5 million with grossassets of US $0.4 million at the date of acquisition. Clients includeMicrosoft, Adobe, EMC Computer Systems, CISCO and Seoul Metropolitan Government.ComHaus, also based in Seoul, was founded in 2000 and employs 10 people.Revenues for the year ended 31 December 2005 were US $0.7 million with grossassets of US $0.4 million at the date of acquisition. Clients include Microsoftand Softbank. These acquisitions continue WPP's strategy of developing its networks in fastgrowing markets and sectors. In the case of Century Harmony, this movecontinues the Group's regional strategy in mainland China. Greater China is oneof the fastest-growing markets for WPP, providing the company with the highestamount of revenues from this region amongst its competitors. Consequently, theGroup, which employs 7,000 professionals in Greater China, has a strongrelationship position in the region - as it does in Asia overall - across alladvertising and marketing disciplines. (\* The BRIC markets - Brazil, Russia, India and China - were identified byGoldman Sachs in its Global Economics Paper No.99, 2003, as key drivers ofeconomic growth in coming years.) Contact:Feona McEwan, WPP (London) +44 (0)20 7408 2204www.wpp.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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