Hasbro expanding in Providence

AROUND THE REGION

July 19, 2011|Associated Press

PROVIDENCE - Hasbro Inc. is expanding into downtown Providence in a project expected to bring 284 jobs over three years and an investment of $24 million in the city.

Some employees will be relocated from company headquarters in Pawtucket. The company hopes to ultimately house 500 workers at the new Providence office.

The property was formerly occupied by Blue Cross and Blue Shield of Rhode Island.

Hasbro’s chief executive, Brian Goldner, said 150 employees will temporarily work at 10 Dorrance St. while the new offices are renovated.

The company, whose products include Monopoly, Transformers, and Beyblade, is receiving up to $1.6 million in tax breaks from the state.

The company also plans to renovate its Pawtucket headquarters in late 2012 or early 2013.

In May, the company said it was moving 70 jobs from East Longmeadow, Mass., to Rhode Island and laying off another 75 Massachusetts workers in a gaming division reorganization.

Yesterday, Hasbro said its second-quarter profit was up 33 percent. But adjusted net income was weaker than expected as the toy maker reorganized its games division and invested in its television joint venture with Discovery Communications. It also increased spending on an international expansion.

Hasbro employs some 1,400 people in the Ocean State.