Hasbro divests manufacturing assets
by Canadian Manufacturing.com Staff
The toy company is exiting the manufacturing side of its business to focus on marketing, design and brand-building
PAWTUCKET, R.I. & TURNHOUT, Belgium—Toy manufacturer Hasbro, Inc. is selling its manufacturing locations in East Longmeadow, Mass. and Waterford, Ireland to playing card maker Cartamundi Group.
Belgium-based Cartamundi will continue to employ all regular manufacturing and distribution employees working in each location on “comparable terms.”
The divestiture is part of Hasbro’s strategy of focusing on design, development, storytelling, sales and marketing.
“We will continue to focus on global brand building, driven by great storytelling and innovation,” said Duncan Billing, executive vice-president and chief global operations and business development officer. “Cartamundi not only has a deep legacy in manufacturing but shares similar values with Hasbro. They have a strong commitment to the community and its people and it was imperative for us to find the right owners for these sites. In addition to continuing to manufacture Hasbro board games, the factories will now be available to Cartamundi’s other customers, thus driving additional volume and supporting future growth.”
The proposed transaction includes all buildings, land, and equipment located at both sites. The East Longmeadow plant consists of approximately 1,150,000 square feet and supported by more than 350 full-time employees. The Waterford plant consists of approximately 244,000 square feet and is supported by more than 160 full-time employees.
The transaction, which is subject to the signing of definitive agreements and the satisfaction of specified closing conditions, will close in the third quarter of 2015. The specific terms of the deal were not disclosed.
