Hasbro To Close a Mexican Plant
Jan. 13, 1998
PAWTUCKET, R.I. (AP) _ Hasbro Inc., the nation's second-largest toy maker, said Tuesday it will close a factory in Mexico that makes puzzles and employs about 500 people.
Closing the plant in Juarez is part of a recently announced plan to cut 2,500 jobs and save about $350 million over five years, Hasbro said.
The Juarez plant will shut down two stages beginning late this month. Puzzles will continue to be made until the plant closes in late June.
In early December, Hasbro said it would eliminate 20 percent of its worldwide workers over five years, close several factories and discontinue some products.
The consolidation is aimed at challenging rival Mattel by boosting profitability and increasing Hasbro's stock price.
Hasbro, based in Pawtucket, R.I., also has announced the closing of plants in El Paso, Texas, and the British city of Waddington, and says another will be shut in New Zealand.