MB Ireland, which manufactures some of the world's best known toys in Waterford, is to invest £4 million in a new plant this year.

The company, whose products include Cluedo, Monopoly, Trivial Pursuit and Playdough, is also changing its name to that of its parent company, Hasbro.

MB Ireland was founded in Waterford in 1977 to produce games and toys for the European market under the MB trademark.

The company employs 600 people and has an annual turnover of £71 million.

Hasbro Ireland managing director Mr Pat Gilhooley said the current expansion was aimed at broadening the scope of the workforce's skills and bringing more production which is normally sourced in other European outlets in house.

Mr Gilhooley said the company had invested a similar amount in the plant last year.

It is not yet known if the latest investment will increase the current workforce, according to Mr Gilhooley.

The company operates from a 250,000 square foot plant in Waterford and contains five operations under one roof.

It currently produces almost 500 products in 26 languages and 1,228 versions. Total volume is running at over 22 million games per annum.

Its product portfolio includes GI Joe, Taboo, Pictionary and Sindy. The company makes products under the trademarks of MB, Kenner and Parker.

Hasbro Ireland is a subsidiary of Hasbro Inc. Worldwide which has and annual turnover of $3 billion Hasbro bought the Waterford operation ink 1983.