Nikkei has reported that Tomy intends to generate half its worldwide sales in foreign markets by the fiscal year ending March 2015. Currently the firm takes less than 20 per cent from foreign markets.
Forecasts for 2014 are up to 255 billion yen in consolidated sales - a 60 per cent rise from last fiscal year.
It aims to become the number three toymaker in the world after Mattel and Hasbro.
The firm is hoping to reach more markets following its buyout of RC2, which has strength in nursery items and toys for pre-schoolers across an extensive sales network, including Wal-Mart and toy stores across the US.
Tomy is looking to increase sales in the US and Europe by combining sales channels and development with RC2. From July, the US firm will manage all of Tomy's overseas operations outside Asia. The Japanese company is also looking to break into emerging markets and will establish a Mexican sales company by next year.
In Asia, Tomy will sell RC2's Chuggington train toys and The First Years infant goods through its own sales channels and will incorporate RC2's sales units in Hong Kong and China into its own operations.
Product development will also be a joint effort and Tomy is hoping to increase sales of Tomica by using RC2 to provide input.
Tomy estimates that selling each other's existing products will boost revenue by 20 billion yen and development of new infant goods and toys will lift sales by ten billion yen.