Canadian toy company Spin Master buys flying ring firm Aerobie
Toronto-based toy company Spin Master is buying Aerobie, maker of the eponymous flying disc, for an undisclosed sum.
Founded in 1984 in Palo Alto, Calif., by Alan Adler, an engineer and part-time Stanford University teacher, Aerobie makes a variety of outdoor flying toys.
One of the company's products was used to set the Guinness World Record for the farthest thrown object without a speed-aiding feature in 2003, when a flying disc was thrown more than 400 metres.
Aerobie is Spin Master's seventh major acquisition since the company went public in 2015.
"Acquisitions such as Aerobie are a key part of our overall growth strategy," Spin Master's chief operating officer Ben Gadbois said in a release. "We will further innovate the Aerobie line using our global research and development network, and leverage Spin Master's global sales and marketing infrastructure to grow sales internationally."
Spin Master is known for its Meccano, Hatchimals, Air Hogs and Paw Patrol brands.