Glenn Lowson
Canadian toy maker Mega Brands said Wednesday that it struck a global licensing deal with HIT Entertainment to develop construction toys based on the popular play figure Thomas the Tank Engine.
The multi-year, global agreement, gives Montreal-based Mega Brands the rights to develop all-new construction toy sets based on the characters of Thomas & Friends.
Financial details were not announced and the company was not immediately available for further comment.
The Mega Bloks licensed product offerings will launch worldwide in the spring of 2010, marking Thomas & Friends' 65th anniversary.
Thomas and Friends is a British children's television series based on a collection of books that deal with the adventures of a group of trains and road vehicles that live on the fictional Island of Sodor.
The company's shares, which have fallen about 90 per cent in the past 11 months on disappointing results and the lingering effects of a costly toy recall, last traded at 38.5 cents on the Toronto Stock Exchange Tuesday.