Hallmark Cards Inc. and Dakin Inc. said that they had reached an agreement in principle for Hallmark to acquire Dakin, a leading marketer of plush stuffed toys, for an undisclosed amount.
Founded in 1955, Dakin is primarily owned and controlled by members of the Dakin family and has annual sales of more than $150 million.
''As the premier marketer of plush toys in the world, Dakin not only produces quality products, but also has strong international capabilities,'' said Robert L. Stark, Hallmark's executive vice president and president of its social expression group. ''Dakin products are already sold in many of our specialty stores.''
Mr. Stark added, ''We are excited about the synergy of Hallmark, Dakin and Crayola, three of the finest brand names in their fields.''
Dakin's products include plush stuffed toys, dolls, puppets, photo frames and gift items. Based in Brisbane, Calif., Dakin employs more than 600 people and has manufacturing operations in Lindsay, Calif, and Honolulu.
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