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| Hornby to buy Corgi in £7.5m deal | Hornby to buy Corgi in £7.5m deal |
| (about 2 hours 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 was created by the Mettoy Company in Northampton, which first began making pressed metal toys in the 1930s. | Corgi was created by the Mettoy Company in Northampton, which first began making pressed metal toys in the 1930s. |
| The Corgi name was established in 1956 and became famous for models of trucks, buses, cars and aeroplanes. | 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". | Hornby said Corgi was "a fantastic brand and has a superb reputation worldwide". |
| We believe that the Corgi acquisition is a sensible move at a good price, Sanjay Vidyarthi, Dresdner Bank | |
| Hornby said it was buying the Corgi Classics brand, tooling and intellectual property rights from Corgi International Ltd. of Hong Kong. | Hornby said it was buying the Corgi Classics brand, tooling and intellectual property rights from Corgi International Ltd. of Hong Kong. |
| "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. | |
| Expansion plans | |
| Hornby plans to build on Corgi's core market of adult male collectors in Britain and attract younger and more international customers. | |
| It plans to do this through licensing deals, in the way it has broadened the appeal of its Hornby trains with Harry Potter and Thomas the Tank Engine licensing deals. | |
| Its Scalextric racing cars have got a boost from a range based on the McLaren Formula 1 team and star driver Lewis Hamilton. | |
| A forthcoming Scalextric set will be based on the new James Bond movie, Quantum of Solace, that is due out in November. | |
| Last year, Corgi Classics generated sales of £6.5m. | Last year, Corgi Classics generated sales of £6.5m. |
| "We believe that the Corgi acquisition is a sensible move at a good price," said Sanjay Vidyarthi, an analyst at Dresdner Bank. |