January 20, 2006
Wham-O
Posted by Allison Christians

Hula Hula hoops, frisbees, hacky-sacks, the superball--what's more American...uh, not so fast.   Just sold to Cornerstone Overseas Investments Ltd., a Hong Kong toy company, for an "undisclosed sum" somewhere under $80 million (that's about the same as its sales last year),  and right in time for the annual international toy fair in New York.  As the LA times puts it, China's failure to secure Unocal and Maytag should be assuaged by this fantastic acquisition of "an American icon."  Cornerstone plans to "keep the management and creativity and marketing in the U.S., but ... have the manufacturing and back-office operations in China."  Hmmm. 

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