Hasbro, one of the world's premier toy and entertainment companies, has announced plans to expand its Rhode Island operations to a 136,000-sq.-ft. facility in Providence.
In April, Governor Chafee secured approval of "Project Status" for Hasbro, which made the company eligible for a sales tax exemption on the purchase of construction materials, equipment and other items related to its expansion to 15 LaSalle Street.
To offset the $1.6 million sales tax exemption, Hasbro agreed to invest $24 million for the facility expansion and create at least 284 full-time jobs in the state within the first three years. The average annual wage will be $80,290The project is expected to create at least 284 full-time jobs in the Ocean State.
Up to 500 total jobs--including some to be relocated from Hasbro's Pawtucket headquarters--may be located in the next several years to the new space. Renovation begins in the next few months; and the first employees should be working there by fall 2012.
"Rhode Island has been our home since 1923," said Hasbro CEO Brian Goldner, "and we look forward to remaining an active and important part of this community."
This expansion will bolster the flourishing Knowledge District in the capital city, a strong digital media and IT cluster. It's an ideal environment for Hasbro as it transforms itself from just a toy and game business to a branded play and multi-platform entertainment company. "The presence of this global leader in our downtown sends a powerful message to the world about all that Providence has to offer," said Mayor Taveras.