A Hong Kong firm has just taken over the makers of FRISBEE®, the HULA HOOP® and the SUPERBALL®. There has been no disclosure on whether Cornerstone Overseas Investments Ltd is in any way affiliated with the Communist Party, although AsiaPundit thinks this may be an attempt by the Chinese to gain a strategic advantage in the development of iconic round plastic objects.
How did this happen without a Congressional hearing?!?
Chinese investors couldn’t buy an oil company or the maker of Maytag appliances, but now one Hong Kong group will be able to claim a real American icon — Wham-O Inc., the maker of Frisbee, Hula Hoop, Hacky Sack and Slip ‘N Slide toys.
Wham-O today said that it had been acquired by an affiliate of Hong Kong toy distributor Cornerstone Overseas Investments Ltd. for an undisclosed amount.
The 58-year-old company, headquartered for most of its existence in San Gabriel before moving to Emeryville in Northern California, in recent years has bounced around more than a Super Ball — another of Wham-O’s famed inventions.
(Photo stolen from the Tribune of India)
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