Mattel has completed its acquisition of fellow toy company Mega Brands for approximately $460 million.
Mattel's portfolio of brands will complement Mega’s flagship Mega Bloks construction sets and existing licensed brands, and creates the opportunity to grow Mega’s arts and crafts business with brands including Rose Art and Board Dudes.
Geoff Massingberd, whom Mattel named chairman and president of Mega Brands, assumes full leadership of the division today.
"We believe the opportunities for global expansion and product innovation created by this acquisition will be one of the key drivers of our global growth strategy in 2014 and beyond," says Bryan G. Stockton, chairman and chief executive officer, Mattel. "Mega Brands provides Mattel meaningful and immediate exposure into two of the fastest growing categories in the toy aisle today and we plan to utilize our world-class portfolio of brands, markets and customers to build an even stronger and more profitable player in the construction as well as arts and crafts categories."