During a ceremonial signing of a Collaboration and Investment Letter of Intent ahead of the Shanghai Toy Fair, Hasbro, Inc. (NASDAQ: HAS), a leading global branded play company, and Alpha Animation, the leading toy and entertainment company in China, announced plans for a strategic co-development partnership for China and the global markets. Under this Letter of Intent, Hasbro and Alpha Animation intend to form a Chinese joint venture company for the co-development of toys and games.
This initial Letter of Intent -- which is still subject to agreement on definitive terms -- focuses on the popular brand Blazing Teens from Alpha Animation. A brand from Hasbro’s global portfolio also will be selected for development. Hasbro and Alpha Animation will in turn collaborate to develop these brands for China and global markets.
David Hargreaves, Hasbro’s Chief Operating Officer, and Mr. Cai Xiaodong, Alpha Animation Executive Vice President, signed the Letter of Intent today, Thursday, October 11, 2012, at a ceremony in Shanghai.
“This long-term, strategic partnership will marry Hasbro’s global capabilities in both merchandise and television programming with Alpha Animation’s expertise and reach in entertainment, including television programming and toy distribution within China,” said David Hargreaves. “Through our collaboration, we are able to re-imagine these brands from start to finish for both Chinese and global consumers.”
“This partnership is a role model within the toy industry bringing together the strength of both companies in the areas of product design, animation development and channel management,” said Mr. CaiDongqing, Chairman of Alpha Animation.