Grand contemplates sale - ToyNews

Grand contemplates sale

Grand Toys International has signed Navigant Capital Advisors, to explore the firm?s options, including a possible sale.
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The move, which was approved at its recent annual shareholders meeting, comes after the toymaker shed two-thirds of its toy-related business units.

In 2006 the firm discontinued several divisions, which it deemed unprofitable, including the Canadian toy distributor Grand Toys. It also terminated its rights to properties including Binney & Smiths Crayola dough.

Jeff Hsieh, CEO of the firm said: "Grand made significant progress in 2006 to focus on its profitable divisions and eliminate underperforming operations ... The remaining three divisions all had record-breaking years in 2006 with positive operating results.

“International Playthings, the North American specialty distributor, continues to increase its market share and improve its profit margins. Hua Yang, the printing and packaging group experienced 48 per cent growth in sales of its packaging products from 2005 to 2006,” Hsieh said.

“Kord, the party goods manufacturer, continues to produce positive EBITDA despite the significant increase in labour costs in the PRC from 2005 to 2006. Grand intends to continue its focus on these three areas," he said.

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