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John Hess, CEO of the Hess Corp., has struck a deal to keep the gas company’s toy line in the family following its buyout by Chevron. Hess will also join the Chevron board of directors. The Hess trucks have been a holiday offering since 1964.
The Hess gas-station chain’s acquisition by Chevron may have wrapped up earlier this month, but when it comes to the Hess toy trucks that are a regular presence each holiday season, those are going to stay in the hands of the family.
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.
News of the return of Hess trucks to the Hess family came in a filing with the SEC on Wednesday. John Hess was also appointed to the Chevron board, the company announced in that filing.
Hess and the toy trucks have been linked together for decades—and they’re popular enough that when the merger was Chevron was announced, Mike Wirth, the CEO of that company, felt the need to announce the truck sales would continue when the merger closed.
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.
This story was originally featured on Fortune.com
