||Hasbro's acquires Cap Toys and OddzOn
NEW YORK--(BUSINESS WIRE)--May 2, 1997--Hasbro Inc. (HAS:ASE) and Russ Berrie and Company Inc. (NYSE:RUS) announced the completion of the previously announced agreement for Hasbro to acquire the assets of Russ Berrie subsidiaries Cap Toys Inc. and OddzOn Products Inc.
June 9, 1998-- Hasbro, Inc. (ASE:HAS) announced today that it is consolidating its OddzOn, Inc. facilities into a new 400,000 square foot global headquarters and warehouse facility located in the Napa Valley, Northern California. OddzOn currently has offices in Bedford Heights, Ohio, (formerly Cap Toys, Inc.) along with Campbell and Petaluma, California. The new headquarters will allow OddzOn to operate more efficiently in a single, creative atmosphere.
Together, OddzOn employs approximately 230 people. All of the company's California-based employees will have the opportunity to relocate to the newly-leased Napa Valley facility, as will many of the Ohio-based employees.
"OddzOn has a strong track record of innovation and brand creation in the toy and interactive candy industries," said John Barbour, OddzOn's President and CEO. "The relocation of the OddzOn teams into a single facility provides us with cost efficiency and will enable us to manage our growth more effectively. It will also enhance our unique entrepreneurial and creative culture."
The transition to the Napa Valley is expected to be completed by January 1999 and is one in a series of moves that Hasbro is making to further its mission of continuing to be a leader in the children's and family leisure time and entertainment industry. This move is part of Hasbro's Global Integration and Profit Enhancement program announced in December of 1997 to leverage its core brands and financial strengths on a global basis.
Hasbro acquired the assets of Cap Toys Inc. and OddzOn Products Inc. from Russ Berrie and Company Inc. in May of 1997.