The global toy maker, Spin Master has completed its acquisition of Rubik’s Brand Ltd and the world famous Rubik’s Cube following the announcement of its intention in October last year.
Spin Master will look to continue the Rubik’s brand legacy with plans for further innovation across the entire Rubik’s portfolio and expanded distribution through the company’s global footprint.
The move also strengthens Spin Master’s own position in the global games and puzzles market. The Rubik’s Cube purchase marks Spin Master’s 22nd acquisition since the company was founded in 1994. Spin Master is the currently the third largest games company in the United States.
Invented by Ernő Rubik in 1974 and launched globally in 1980, the Rubik’s Cube became a worldwide craze,selling hundreds of millions of units, and has inspired and challenged both young and old ever since. As a STEM-accredited puzzle, the Rubik’s Cube supports brain development and cognitive skills by allowing children and adults to use their creativity, while developing and encouraging intelligence.
“The Rubik’s Cube is an iconic puzzle that has permeated pop culture and captivated fans for more than 40 years,” Elizabeth LoVecchio, Spin Master’s vice president marketing, games, said about the acquisition last year.
“We are excited for the opportunity to put our marquee innovation on the entire Rubik’s portfolio and expand distribution through our global footprint.”
“There are many growth opportunities for Spin Master with the Rubik’s brand as we transition to a blended model of direct sales in combination with existing partners globally,” said Anton Rabie, Spin Master’s chairman and co-CEO. “Our games division has continuously grown over the past decade and is a cornerstone of Spin Master’s diversified portfolio. The addition of the legendary Rubik’s Cube to our roster of games is a historic moment and we are honored to continue the legacy.”