Corgi drives safely into American hands
Friday 30 July 1999
Zindart, based in Hong Kong but listed on Nasdaq, has agreed to buy Corgi for pounds 30m. If the deal goes ahead, Corgi will join Bluebird, Speares and Waddingtons in US hands.
Gerry Masters, secretary of the British Toy Retailers Association, said: "It is inevitable that the UK toy industry... will require the backing of bigger companies that can provide a solid foundation."
Corgi's sales for 1998 were pounds 18.7m and operating profits pounds 3m. Zindart's sales for its year to March were $113.6m (pounds 70.6m) and operating profits $12.2m.Corgi will still be based in the UK; no job losses are envisaged.
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