Toy Maker Mattel is Shuttering Two Factories

The company known for Barbie and Hot Wheels will be closing two of its factories in Asia and has plans to close two more around the world.

“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 to FOX Business.

According to the Wall Street Journal, the company employs up to 35,000 workers at any given point in the year.

It was also last week that the company said its Mega Bloks factory in Montreal, Canada, will shutter in 2021 after opening in 2014. The closure of the Mega Bloks factory in Montreal, Canada would affect about 580 workers, the journal reported, citing a company spokeswoman.

Mattel has also said it would consolidate two factories in Mexico as part of its Capital Light program to reduce its footprint.

Mattel plans to release its full year and fourth quarter 2019 financial results on Thursday, February 13, 2020, at approximately 4:05 p.m. Eastern time.

Disclaimer: We have no position in Mattel Inc. (NASDAQ: MAT) mentioned and have not been compensated for this article.