Hanung Toys buys controlling stake in Cody Direct Corp

Leading manufacturer and exporter of soft toys Hanung Toys and Textiles today said it has acquired a controlling stake in the US-based Cody Direct Corp for an undisclosed amount.

"We wish to inform all our stakeholders that the company has acquired a controlling stake in Cody Direct Corp, a company incorporated under the US laws," Hanung Toys and Textiles said in a filing to the Bombay Stock Exchange (BSE).

However, the company did not disclose the financial details of the deal.

Cody Direct deals in marketing and distribution of home furnishings.

Hanung Toys and Textiles, a manufacturer and exporter of soft toys and home furnishings, said that the acquisition would enable the company to service the US customers directly and would also helps to improve its earnings.

Besides, the company further said that the business of Cody Direct will be handled by the US firm's President Vincent DeRosa.

DeRosa, who has previously handled senior positions in other home furnishing companies in US, will be responsible for all sales and marketing operations.

Shares of Hanung Toys and Textiles closed at Rs 2,10.45 on the BSE, up by 6.72% from the previous close.