Barbie, Hot Wheels maker Mattel closing factories with plan to outsource
Mattel employs thousands around the globe
Mattel, the company behind best sellers like Barbie and Hot Wheels, has shuttered two factories in Asia with plans to close two more around the globe.
The toy giant appears to be taking a page out of the playbook of rival toymaker Hasbro, which has outsourced most of its production. Mattel employs up to 35,000 workers at any given point in the year, The Wall Street Journal reports.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MAT | MATTEL INC. | 18.38 | +0.03 | +0.16% |
BARBIE CONTINUES TO GAIN WITH INCLUSIVE LINE OF DOLLS
Mattel said last week that its Mega Bloks factory in Montreal, Canada, will shutter in 2021 after opening in 2014. Before that, the company said it would consolidate two factories in Mexico (meaning one factory would close) as part of its Capital Light program to reduce its footprint.
Mattel shuttered a finished goods plant in China and a tooling equipment plant in Indonesia in 2019, the company said, according to The Journal.
Mattel continues to reimagine Barbie, including through its new inclusive line.
(Source: Mattel)
"Over the past year, we have worked to transform our global supply chain which we believe is becoming a competitive advantage. We are continuing to optimize our manufacturing footprint, increase the productivity of our manufacturing infrastructure and achieve efficiencies across our global supply chain," Mattel's chief supply chain officer Roberto Isais said in a statement provided to FOX Business.
The announcement comes as Mattel continues to reimagine Barbie, including through its new inclusive line, which features a Barbie with a prosthetic leg, a hairless doll, one in a wheelchair and a version with vitiligo, a skin condition.
CLICK HERE TO READ MORE ON FOX BUSINESS
Mattel is expected to release its earnings Thursday after U.S. markets close.
FOX Business' Ken Martin contributed to this report.