Kent, England’s international models and collectibles manufacturer Hornby has plunked down approximately US$14.6 million for fellow British die-cast model maker Corgi.
With the deal, Hornby picks up the brand, tooling, and intellectual property rights of one of the oldest manufacturers of collectible die-cast models of trucks, buses, cars and airplanes in the world. Corgi was established by the Mettoy Company in Northhampton in the 1930s. Its current principal markets are the UK, US and Northern Europe and the company generated annual sales of roughly US$12.7 million for the year ended March 31, 2008. Hornby is looking to improve and grow the business and intends to retail key Corgi marketing, sales and development staff, while integrating its logistics operations into the Hornby fold.