Kantar buys out Sri Lanka's LMRB
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SRI LANKA— WPP’s research group Kantar has bought the remainder of Sri Lanka’s LMRB, taking its stake from 49% to 100%.
LMRB (Lanka Market Research Bureau), which was founded in 1981, is based in the country’s largest city, Colombo, with field offices in Galle and Kandy.
The agency employees 81 people and is led by CEO Himalee Madurasinghe, who was promoted from deputy CEO in July this year, replacing Preeti Reddy. It offers qual and quant research services and runs a household panel and a people meter-based audience measurement system. Its clients include Unilever, SmithKline Beecham and dairy products maker Fonterra Brands.
Financial terms of the acquisition were not disclosed. LMRB’s gross revenue in 2010 was LKR175m (£1.02m).
Pictured is Kantar chief executive Eric Salama.
UPDATE 7/10/11
LMRB has told Research there will not be any changes to its leadership or staff as a result of the acquisition.
