Latest news with #Cocks
Yahoo
3 days ago
- Business
- Yahoo
Hasbro's tariff response? In part it is to increase toy production in this WMass town
EAST LONGMEADOW – Toymaker Hasbro is stepping up board game production at a manufacturing partner's plant in East Longmeadow, in part to maneuver around the Trump administration's tariffs. Hasbro CEO Chris Cocks described the move as a reaction to the administration's import policies Thursday morning in a broadcast segment with CNN's Audie Cornish. But Cocks said reshoring the company's products can only do so much. That's because the toy industry's supplier network is largely overseas and some products – like dolls and action figures – are labor intensive and Hasbro would need to develop more automation in the U.S. 'We make many of our board games just up the road in East Longmeadow ... not far away from where Milton Bradley printed his first board games in the 1860s,' Cocks said in an April conference call with investors. Neither Hasbro nor its partner in East Longmeadow, Cartamundi, would go into details Thursday about how operations have changed in East Longmeadow. Belgian company Cartamundi – the name means 'Cards for the World' – bought the East Longmeadow plant from Hasbro in 2015 but kept on making games and toys for Hasbro under a long-term contract while also bringing in work from other customers. Hasbro announced layoffs a few weeks ago. Toy prices will likely climb in the next few months. 'I would expect if prices are going to be raised across the industry,' Cocks told Cornish. 'The consumer will probably start to see them in the August through October timeframe, just based off of the production timelines associated with toys, because usually it takes somewhere between three to five months between an order to be placed and a toy to be put on a shelf.' Milton Bradley Co. built the East Longmeadow plant from 1963 to 1965. Hasbro bought Milton Bradley in 1984. Donald Trump himself visited in 1989 to promote Trump: The Game. Today, the factory makes Hasbro games, including childhood favorites Monopoly, Twister, Connect4, Trouble, The Game of Life, CandyLand, Sorry, Chutes & Ladders. Cartamundi also makes Play-Doh in East Longmeadow, said Hasbro spokeswoman Abby Hodes. About 45% to 50% of Hasbro's U.S. sales are from domestically sourced products or from digital licensed content with domestic partners, Hodes said. In East Longmeadow, Cartamundi has the equivalent of 290 full-time employees, said Andy Kroll, Cartamundi's executive vice president for card and board games. 'We flex up with temps to meet seasonal demands,' he said in an emailed response to questions. Seasonal demand peaks in the second half of the year, in the run-up to Christmas. He kept details close to the vest – perhaps in keeping with a company that has made playing cards since 1765. 'Hasbro is indeed a valued and long-standing customer of East Longmeadow, and we greatly appreciate our continued partnership,' Kroll said. 'However, like with other customers, we are not in a position to comment on their domestic or international sourcing strategies.' Stories by Jim Kinney Springfield Pharmacy plans new location, with groceries, at shuttered State St. Walgreens Massachusetts Turnpike service plazas: What to know about the $750M renovation Opening date set for new BJ's Wholesale Club at Springfield Crossing Read the original article on MassLive. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-07-2025
- Business
- Yahoo
Hasbro's CEO warns that toy prices could start to rise in the fall because of tariffs
America's toy prices could rise later this year, particularly if higher tariffs take effect, Hasbro CEO Chris Cocks told CNN's Audie Cornish, host of 'The Assignment' podcast. Cocks said on this week's episode of 'The Assignment' that America's current 30% minimum tariffs on China and apparent agreement to place 20% tariffs on Vietnam's goods are 'pretty significant,' but not unexpected. China and Vietnam are Hasbro's main international suppliers. 'We've been around for a while,' Cocks said. 'We take a long-term view of things, and so our general reaction is: Be agile, but don't overreact.' Hasbro, founded in 1923, produces well-known toys and games, including Play-Doh, Transformers, Candy Land and Dungeons & Dragons. Although Hasbro has not yet raised prices because of tariffs, Cocks said an increase could be coming. 'I would expect if prices are going to be raised across the industry, the consumer will probably start to see them in the August through October timeframe, just based on the production timelines associated with toys,' he said. Cocks said toys typically take three to five months to hit store shelves after a retailer places orders for them. About half of Hasbro's products are made in the United States, with the rest manufactured abroad, Cocks said. Over the past few years, Hasbro has shifted production to reduce reliance on China, increasing output in the US, Vietnam, Turkey and India. The company has also increased domestic production of board games in Massachusetts. Trump has urged companies to manufacture in the US to avoid tariffs, a shift Cocks said is realistic for Hasbro. He pointed to 'Magic: The Gathering,' a billion-dollar card game, that is already made in North Carolina and Texas. He said there may be room to expand some domestic production further. For instance, Play-Doh — made from wheat — is similar to edible dough and could be a candidate for US-based manufacturing. Still, Cocks said relocating more manufacturing to the United States remains challenging. Labor is a significant cost, and unlike other industries, toys often require fine detailing by hand. That makes automation harder. 'If you took the same toy and manufactured it in the US, labor would make up 80 to 90% of the cost,' he said. For consumers, that means a doll sold for $10 now could cost up to $18 to maintain profit margins. Cocks also pushed back on claims from officials like Commerce Secretary Howard Lutnick that foreign countries absorb tariff costs. 'It's always a business working with another business that absorbs things,' he said. He said foreign suppliers have thin margins – about 2 to 3% – so they can't afford to absorb 10% tariffs, he said. Ultimately, Hasbro will pay more to import its products. Cocks said Hasbro is better positioned than many in the toy industry to handle the pressure from new tariffs. Its games division is performing strongly and relies less on overseas manufacturing. He added that Hasbro's licensing business, which has grown 60% over the past three years, is especially valuable because it brings in 'pure profit.' 'It just gives us a lot more cushion,' Cocks said. 'I feel more for my toy industry CEO peers than I do necessarily for my day-to-day challenges.' Inicia sesión para acceder a tu cartera de valores
Hamilton Spectator
05-07-2025
- Business
- Hamilton Spectator
High Arctic Overseas Issues Clarifying News Release
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW CALGARY, Alberta, July 05, 2025 (GLOBE NEWSWIRE) — High Arctic Overseas Holdings Corp. (TSXV: HOH) ('High Arctic Overseas' or the 'Corporation') is issuing this press release to clarify the qualifications of Matthew Cocks, the Chief Financial Officer of the Corporation, whose appointment was previously announced on June 23, 2025. Mr. Cocks completed his qualifications and became a Chartered Accountant in 2010 through the Institute of Chartered Accountants Australia & New Zealand, however he is not currently designated a Chartered Accountant by the Institute. Mr. Cocks did not renew membership with the Institute in 2020 and is not a current member of the Institute. Mr. Cocks does not intend to seek reinstatement in the immediate future. The appointment of Mr. Cocks as CFO has been accepted by the TSXV. About High Arctic Overseas Holdings Corp. High Arctic Overseas is a market leader in Papua New Guinea providing drilling and specialized well completion services, manpower solutions and supplies rental equipment including rig matting, camps, material handling and drilling support equipment. For further information, please contact: Mike Maguire Chief Executive Officer 1.587.320.1301 High Arctic Overseas Holdings Corp. Suite 2350, 330–5th Avenue SW Calgary, Alberta, Canada T2P 0L4 Email: info@ Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Boston Globe
18-06-2025
- Business
- Boston Globe
Amid tariffs, Hasbro lays off 3 percent of global workforce
The employed just shy of 5,000 people as of the end of 2024, according to its The layoffs, first reported by the Advertisement 'We are aligning our structure with our long-term goals,' Hasbro told the Globe in a statement on Wednesday. Get Rhode Map A weekday briefing from veteran Rhode Island reporters, focused on the things that matter most in the Ocean State. Enter Email Sign Up In recent years, Hasbro has worked to trim expenses, including through transforming its supply chain. In last year's annual report, the company said since 2022, the savings program had 'delivered approximately $600 million of gross cost savings and $320 million of net cost savings.' In October, Hasbro announced it would lay off In the first quarter of 2025, Hasbro reported a 17 percent increase in revenue, supported by momentum behind the game, Magic: The Gathering. Still, toymakers have been bracing for fallout from tariff policies rolled out by the Trump Administration. Roughly 40 percent of Hasbro's toys are produced in China, although the company has vowed to reduce that figure to 20 percent in the coming years. Late last year, Gina Goetter, Hasbro's chief financial and operating officer, said Hasbro is working with suppliers to invest in new manufacturing sites. Advertisement On an The company has also pushed back its timeline on announcing whether it will relocate its headquarters out of Rhode Island and into the Boston area, While the company is hopeful for a 'more predictable and favorable U.S. trade policy environment, we must acknowledge the costs imposed by current tariffs,' Cocks said. 'Even with Hasbro's relative strength and flexibility, logistics are becoming more complex and changes in receivables and shipping dynamics present a challenge,' Cocks said in April. 'Ultimately, tariffs translate into higher consumer prices, potential job losses as we adjust to absorb increased costs, and reduced profits for our shareholders.' Material from previous Globe stories was used in this report. Christopher Gavin can be reached at
Al Etihad
21-05-2025
- Al Etihad
Abu Dhabi's Butterfly Gardens to bring best of nature from Asia and the Americas
22 May 2025 01:38 MAYS IBRAHIM (ABU DHABI)A lush climate-controlled haven for butterflies is set to open in Abu Dhabi this September: the Butterfly are in for an immersive, biodome experience featuring over 10,000 butterflies and exotic wildlife from Asia and the Americas. In an interview with Aletihad , Head Curator Lewis Cocks shared exclusive details about the project, which aims to fill a unique niche in the emirate's tourism landscape. 'Through the Butterfly Gardens, we're creating a small self-sustaining footprint of nature that people can come visit here in Abu Dhabi,' he said. Two Domes, Two WorldsThe garden will feature two major biodomes: the Asia Dome and the Americas Dome – each designed to replicate the distinct ecosystems of their respective regions. Cocks explained that these high-tech enclosures will utilise advanced UV-filtering panels that allow natural sunlight to nourish the flora and fauna inside while protecting delicate species from the UAE's intense heat.'The domes will help maintain optimal temperature and humidity levels all year round,' Cocks he system is also designed to be highly water-efficient through a closed loop process that helps regulate humidity and support indoor plant and aquatic life.'We don't have to use much energy or resources to keep the environment inside just right,' said Cocks.'The water, for example, is reused through the koi ponds and the trees inside, which play a key role in keeping the humidity levels up … Everything works together in a kind of self-sustaining cycle.' Exploring the ForestsInside, 10,000 butterflies will flutter alongside a host of other animal species that call the Asian and American forests home. Visitors to the Americas Dome can expect to encounter the Caimon dwarf crocodiles and free-roaming two-toed sloths. At the Asian Dome, guests will discover koi ponds and a rare nocturnal mammal known as the Philippines' binturong or Palawan bearcat, famous for its popcorn-like Butterfly Gardens will serve as a learning hub, especially for local school groups, according to educational ecosystems will cover rainforest ecosystems, biodiversity, conservation, and a closer look at the full life cycle of butterflies.'It's not just for display, we want students to truly understand how these ecosystems function,' Cocks explained. 'And ultimately, why conservation matters.'Construction is already underway, with the biodome structures expected to be visibly completed near the National Aquarium at Al Qana waterfront in the coming ticket pricing is yet to be finalised, Cocks confirmed it will be kept affordable. 'We want the Butterfly Gardens to be accessible to everyone,' he said. Source: Aletihad - Abu Dhabi
