Home Economy Economic Activity Report: Hasbro began discussing move to Mass. six months ago

Report: Hasbro began discussing move to Mass. six months ago

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PBN Staff

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10/08/2024

Hasbro Inc. — HASBRO INC. CEO Chris Cocks and Mass. Economic Development Secretary Yvonne Hao began discussing the move of the Rhode Island-based toy maker’s headquarters to the Bay State six months ago, according to report in the Boston Business Journal. / PBN FILE PHOTO/WILLIAM HAMILTON

PAWTUCKET – Hasbro Inc. CEO Chris Cocks and Mass. Economic Development Secretary Yvonne Hao began discussing the move of the Rhode Island-based toy maker’s headquarters to the Bay State six months ago, according to a report in the Boston Business Journal. From emails obtained through a public records request, the BBJ reported Monday that Cocks

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PAWTUCKET – Hasbro Inc. CEO Chris Cocks and Mass. Economic Development Secretary Yvonne Hao began discussing the move of the Rhode Island-based toy maker’s headquarters to the Bay State six months ago, according to a report in the Boston Business Journal. From emails obtained through a public records request, the BBJ reported Monday that Cocks and Hao had dinner in April to discuss the company possibly moving to Boston. Later that summer, Hasbro executives talked with Massachusetts economic officials in more detail, including a possible tax break and other programs available to businesses in the Commonwealth. In an email to employees on Sept. 17, Cocks said Hasbro’s current Pawtucket headquarters is “full of charm and history, but it is also showing its age. “We are looking to find a space that allows for collaboration, design and showcases who we are and what we stand for,” he wrote. He added that it is early in the process and “nothing is final.” A move wouldn’t happen for at least 18 months. The news caught Rhode Island leaders off guard and left them scrambling to react, with the administrations of Gov. Daniel J. McKee and Pawtucket Mayor Donald R. Grebien vowing to do everything to persuade Hasbro – which employs about 1,000 people locally as of January – to stay put. Following the dinner in April, according to the report, Hao emailed Cocks saying that she and “her team would love to chat with you about your potential HQ move,” noting LEGO Systems Inc.’s planned move from Enfield, Conn., to Boston in 2026. Cocks replied, “it would be great to figure out a permanent home for us in Boston and to build a creative center for the toys and games industry in the city.” Hasbro Chief Legal Officer Tarrant Sibley followed up with Hao, saying that he and a “large number of our employees” live in Massachusetts. Sibley claims Westwood, Mass., as his home base while Hasbro Chief Communications Officer Bertie Thomson lists Greater Boston on her LinkedIn profile, according to the report. Hao followed up those emails with a message to Sibley and Cocks saying she had spoken to Mass. Gov. Maura T. Healey and that the Bay State leader was a “BIG fan of Hasbro” and was happy to meet with the company’s leaders. A follow-up meeting was held at the Mass. Executive Office of Economic Development’s offices at One Ashburton Place in Boston on July 22, according to the report. Ahead of that meeting, Sibley emailed Hao, saying he was interested in discussing “what Massachusetts might be able to do to facilitate a move to the Greater Boston area.” Attendees included Mass. Undersecretary of Economic Foundations Ashley Stolba, Hasbro Chief Financial Officer Gina Goetter, Hasbro corporate finance executive Mark Glenn, Hasbro Vice President of Corporate Real Estate and Facilities Ethan Colaiace, Sibley and Thomson. Following that meeting, Stolba emailed the Hasbro executives incentive programs, which included tax breaks and other incentives, such as the Economic Development Incentive Program, that would be available to the toy maker if it were to move to Massachusetts, according to the report. A Mass. Executive Office of Economic Development spokesperson told the BBJ that the state has not made a specific tax-incentive offer to Hasbro.