John Hess, CEO of the Hess Corp, plans to buy back the toy-truck business from Chevron. The price has yet to be determined, but the deal is expected to close next year.
It’s not just trucks. All Hess-themed toys, which have included helicopters, rescue vehicles, airplanes and even space shuttles, will revert to the Hess family. Hess also has struck a deal to retain the trademarks associated with his family name.
Independent appraisers will determine the value of the toy business, the filing said.
Hess toys have been sold since 1964 and have a rabid fan based. Some collectors have spend as much as $2,500 for past models.
