NEW YORK (CNNfn) -- Hasbro Inc. has decided to throw around the Koosh.
The company announced plans Monday to acquire Cap Toys Inc. and OddzOn Products Inc., best known for the Koosh ball, from Russ Berrie & Co. Inc. for $166 million.
The companies expect to close the deal by early in the second quarter, subject to regulatory approval.
"We look forward to adding Cap Toys and OddzOn to the Hasbro family of companies," Hasbro Chairman Alan Hassenfeld said in announcing the deal. "Both are growing, vibrant, creative companies with popular brands (that) will complement Hasbro's rich portfolio."
Berrie & Co. chief Russell Berrie said: "We are extremely proud of the success we have achieved with Cap Toys and OddzOn since our acquisition of those companies. Our decision to sell is based on a strategic re-evaluation of our business."
He said Russ Berrie & Co. has "decided to focus our efforts on our greatest strength -- the gift industry -- where our sales organization, distribution capability and Far East sourcing provide us with a significant competitive advantage."
Hasbro and its subsidiaries currently make a wide array of toys and games, including G.I. Joe dolls, Mr. Potato Head, Tonka trucks and the Monopoly and Scrabble board games.
Cap Toys makes dolls, toys and battery-operated candy products, including an automated Pez dispenser.
OddzOn's flagship product is the Koosh, a brightly colored ball made of a soft, rubber-like material.
Mark Button and Scott Sillinger, frustrated by the lack of safe products for young children, founded OddzOn in 1987.
-- Randy Schultz