HATFIELD TWP., Pa. - K'NEX, a toy maker based in Montgomery County, has a new owner.
Florida-based toy company Basic Fun purchased K'NEX after an auction was held by PNC Bank on January 29.
All proceeds from the sale were paid to PNC Bank for an outstanding secured loan, according to a K'NEX spokesperson.
The sale closed on Tuesday.
The company said K'NEX has kept most of its current employees after the acquisition.
It also said they will continue to operate out of Hatfield Township, and are working with parts suppliers to make agreements going forward.
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