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Hornby to buy Corgi in £7.5m deal Hornby to buy Corgi in £7.5m deal
(30 minutes later)
Toymaker Hornby has bought die-cast model car maker Corgi for £7.5m as part of its strategy of expanding in the hobby and collectibles market.Toymaker Hornby has bought die-cast model car maker Corgi for £7.5m as part of its strategy of expanding in the hobby and collectibles market.
Corgi first began making pressed metal trucks, cars and aeroplanes in the 1930s, and at its height in the 1950s and 60s sold millions of toys a year. Corgi was created by the Mettoy Company in Northampton, which first began making pressed metal toys in the 1930s.
Hornby said Corgi was "a fantastic brand and has a superb reputation". The Corgi name was established in 1956 and became famous for models of trucks, buses, cars and aeroplanes.
As well as Hornby model trains, Hornby also owns Scalextric slot car racing, Airfix models and Humbrol paints.As well as Hornby model trains, Hornby also owns Scalextric slot car racing, Airfix models and Humbrol paints.
Hornby said Corgi was "a fantastic brand and has a superb reputation worldwide".
"Corgi's famous model vehicles captured the imagination of millions of baby boomers and are now highly sought after in the expanding collectibles market," it added.
Hornby said it was buying the Corgi Classics brand, tooling and intellectual property rights from Corgi International Ltd. of Hong Kong.
Last year, Corgi Classics generated sales of £6.5m.