John Hess to Buy Back Toy Trucks From Chevron After Takeover
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John Hess plans to buy back his family’s iconic toy truck business next year from Chevron Corp. after the oil giant bought his company this month.
Hess, who joined Chevron’s board July 28, will also buy back the company’s leasehold interest in an aircraft and hangar, Chevron said July 29 in a regulatory filing. Hess also struck a deal related to the trademarks associated with his family name.
The toy trucks recall the Hess company origins as a fuel-delivery business during the Great Depression and have become popular with kids and collectors alike, with sales peaking around the holidays. Chevron CEO Mike Wirth and John Hess promised to continue selling the selling the toy when they announced the $53 billion takeover nearly two years ago.
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John Hess by Jeenah Moon/Bloomberg
The deal became ensnared in an arbitration battle with Exxon Mobil Corp., which claimed to have a right-of-first-refusal over Hess’ 30% stake in the Texas oil giant’s massive Guyana project, and eventually closed on July 18, nearly two years after it was announced.
Independent appraisers will determine the prices of the toys, aircraft and trademark businesses, Chevron said in the filing.
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