Racing Champions to pick up Ertl

Collectible toy car manufacturer Racing Champions has issued a letter of intent to buy the Ertl Company from U.S. Industries. Though the deal is still subject to RC's due diligence and regulatory approval, the Glen Ellyn, Illinois-based company expects to officially...

March 1, 1999

Collectible toy car manufacturer Racing Champions has issued a letter of intent to buy the Ertl Company from U.S. Industries. Though the deal is still subject to RC’s due diligence and regulatory approval, the Glen Ellyn, Illinois-based company expects to officially sign off on the acquisition of Ertl by April 15. Based in Dyersville, Iowa, the 54-year-old Ertl Company produces model kits and several lines of licensed and non-licensed die-cast collectible toys, including licensed products based on kids series Thomas the Tank Engine & Friends and Theodore Tugboat. For the fiscal year ending September 30, 1998, the Ertl Company earned gross revenues of US$170 million.