Drogheda brand WaterWipes, which produces hypo-allergenic wipes for newborns, is opening an office in Singapore soon to meet popular demand.
The firm has surpassed annual sales of €50 million and sales have doubled over the past three years, according to The Irish Independent.
The company is also about to sign a contract, so they can distribute wipes in China. In addition to the office in Singapore, the firm is considering opening a manufacturing plant outside of Ireland.
"We could manage our future demand from this [current] facility, probably until 2021," said Xavier Renaux, chief commercial officer, WaterWipes, in an interview with The Irish Independent.
"After that, we have to make a choice: is it expanding and making a big investment here, or opening somewhere else? And that is a decision we are currently working on."
Financial Future
The company that owns WaterWipes, Irish Breeze, does not have to file publicly available accounts, The Irish Independent reported.
So far, the expansion has been covered through the company’s cashflow, but Renaux told the newspaper that the company will have to assess how the company finances its future growth.
Renaux also said that there are no plans for a stock market flotation nor for the company’s owner, Edward McCloskey, to sell the business.
"Never say never, but it's certainly not on the agenda," said Renaux.
"We are on a journey to bring the company to the next level. Edward is absolutely passionate about that journey."
Growth
A few years ago, the company had 25 employees, but now it has 250 employees and is looking to fill 30 more roles by the end of 2019.
Additionally, the company has a long-term project to expand its technology outside of wipes.
"It will require a different kind of investment and a different kind of production capability," said Renaux.
© 2019 Checkout – your source for the latest Irish retail news. Article by Libby Seline. Click sign-up to subscribe to Checkout.
