Governor Chafee Announces Approval of Program to Aid Expansion of Hasbro and Creation of 284 Jobs in Rhode Island
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April 26, 2011 | Print this page | Share This |
The Rhode Island Economic Development Corporation (RIEDC) Board of Directors today approved a measure aimed at helping one of the state’s key employers create at least 284 full-time jobs in Rhode Island as part of an estimated $24 million expansion plan.
The RIEDC Board, chaired by Governor Lincoln D. Chafee, granted Pawtucket, R.I.-based Hasbro, Inc. “Project Status” which makes the company eligible for a sales tax exemption - to be capped at $1.628 million - on the purchase of construction materials and equipment, furniture, fixtures, machinery, computers and facility equipment related to its expected expansion to Providence.
“As one of the chief cornerstones of our business community, I am pleased that Hasbro has chosen to build on its long-standing success in the state by planning to expand their operations here and bring quality, high-paying jobs to Rhode Island,” stated Governor Chafee. “Hasbro is bringing new jobs to our state and that is a welcome shot in the arm for our local economy. I am pleased that the RIEDC Board saw fit to approve this sales tax exemption…one that I believe will be a good investment of taxpayer dollars,” he continued.
Hasbro’s expansion plans are part of the company’s continued emergence as a branded play company. No longer just a toy and game company, Hasbro is creating global experiences for its consumers with its brands like TRANSFORMERS, LITTLEST PET SHOP, NERF, G.I. JOE AND MONOPOLY in a wide range of areas including film, digital gaming, licensing and television. Hasbro launched The Hub (www.hubworld.com), its multiplatform joint venture television network with cable programming giant Discovery Communications in October 2010.
“We are pleased that the Rhode Island Economic Development Corporation recognizes the importance of Hasbro expanding in the Ocean State,” said David Hargreaves, Chief Operating Officer of Hasbro, Inc. “RI has been our home since 1923 and we look forward to continuing to being an active and important part of this community.”
“Hasbro’s expansion in the state will provide opportunities for other Rhode Island companies and small businesses to benefit directly and indirectly from the expected increase in economic activity and the creation of jobs,” said RIEDC Executive Director Keith Stokes. “The expansion will also help the state attract new companies by demonstrating that Rhode Island is a good place to do business.”
To offset the sales tax exemption, Hasbro has agreed to create at least 284 full-time jobs in the state within the first three years of the project with annual wages averaging $80,290. For the company to qualify for Project Status, 281 of those jobs must pay more than $36,691 per year – or 105 percent of Rhode Island’s median annual wage.
The 281 qualified full-time jobs are expected to generate $1.628 million in state income tax revenue over the first three years of the project - the equivalent of Hasbro’s sales tax exemption.
About Hasbro
Hasbro, Inc. (NASDAQ: HAS) is a branded play company providing children and families around the world with a wide-range of immersive entertainment offerings based on the Company’s world class brand portfolio. From toys and games, to television programming, motion pictures, video games and a comprehensive licensing program, Hasbro strives to delight its customers through the strategic leveraging of well-known and beloved brands such as TRANSFORMERS, LITTLEST PET SHOP, NERF, PLAYSKOOL, MY LITTLE PONY, G.I. JOE, MAGIC: THE GATHERING and MONOPOLY. The Hub, Hasbro’s multi-platform joint venture with Discovery Communications (NASDAQ: DISCA, DISCB, DISCK) launched on October 10, 2010. The online home of The Hub is www.hubworld.com. The Hub logo and name are trademarks of Hub Television Networks, LLC. All rights reserved.