Hasbro are planning to reduce its manufacturing out of China to 50% or under by the end of 2020.
Hasbro could see its manufacturing out of China fall to 50 per cent or under by the end of next year, following what CEO Brian Goldner has called a positive shift for the firm out of the region.
The firm claims to have spotted an opportunity now that has fueled the belief that by 2023, Hasbro’s manufacturing operations in China could be under a third.
Speaking with CNBC this week, Goldner stated that Hasbro’s shift of business out of China has been positive for the company.
“It’s gone very well for us,” he told the network.
The toy company has been focused on diversifying its manufacturing operations since 2012 due to “enterprise risk reasons,” said the CEO.
“We’re seeing great opportunities in Vietnam, India and other territories like Mexico. We’re doing even more in the US. We brought Play-Doh back to the US last year.”
The statement comes just as the US-China trade dispute intensifies and follows another Trump tweet in which he urged US companies to leave China. His tweet read: “Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA.”
Read more here.