Grand re-shuffles print division

Grand reduces print offshoot to finance Wham-O deal.
Author:
Publish date:
Social count:
0
5_Pocoyo.jpg

Grand Toys plans to reduce its printing subsidiary's China operations following 'disappointing' results over the last year, including the termination of a 'substantial' number of employees.

The Hong Kong-based toy manufacturer said the downsizing will also involve the sale of a 'significant' number of printing and other machines to pay creditors of Hua Yang, the company's subsidiary.

Hua Yang's joint venture partners are cooperating with the restructuring and cited increased labour costs and the cost of oil as reasons for the unaudited losses during the year.

A deal has been agreed to acquire Wham-O from Cornerstone Strategic Management Limited, a company owned and controlled by Raylin Hsieh, wife of Grand's CEO and majority shareholder Jeff Hsieh and as part of these terms Hua Yang is expected to be sold to Mrs. Hsieh. The firm is meeting with potential investors in the next several weeks for the purposes of raising financing for the Wham-O acquisition.

Related

10_mypictr_300x261.jpg

Q&A: Grand designs

One thing the world?s most popular toys all have in common is that they all started life on a designer?s drawing board. Ahead of January?s Toy Fair, ToyNews speaks to three toy designers to find out what makes them tick, whether eco credentials are really important, and what?s next...

Featured Jobs

Vivid Job Logo 620 x 349

Digital Marketing Executive - Toys & Games

Vivid is Britain’s biggest toy company and the 20 largest in the world. With offices across the globe, they sell an amazing portfolio of toys and games to over 60 countries. Vivid is best known for its association with blockbuster brands and is very excited about future opportunities around the world.

Liberty

UK Sales Agents

Liberty House Toys have been appointed as the exclusive UK distributor for the BiOBUDDi brand, and we are pleased to introduce this new unique, innovative and exciting range of 100% environmentally-friendly toy building blocks. We are seeking experienced sales agents with existing network in the toy retail market.

Gameplan Job Logo 620 x 349

Head of Product Development & Marketing

Our client is a privately owned French toy and games manufacturer which sells through distributors in forty countries. The company develops and sells innovative electronic interactive toys and games for the educational and gaming markets, and also takes suitable licenses. To progress its successful business development a Head of Product Development & Marketing is to to recruited.

HIT Entertainment Job Logo 620 x 349

Licensing Systems Administrator

The Contract System Coordinator is a newly created role to support the deal term entry process into Mattel’s new Contract Management System for its Licensing business. The role will support the Business Teams at the Deal & Amendment phase of the contracting process and act in conjunction with the System Administration team.