Hasbro to phase out plastic packaging by 2023

One of the world's largest toy companies is phasing out plastic from packaging, a move that's expected to take less than three years.

Hasbro Inc. of Pawtucket, R.I., revealed the decision Aug. 20 by indicating changes will start in 2020 and be virtually complete by the end of 2022.

Hasbro's stable of products includes Nerf, Transformers, Monopoly and My Little Pony.

The end of plastic will include packaging such as polybags, shrink wrap, blister packs and windows. Elastic bands are also on their way out, the company said.

"We have an experienced, cross-functional team in place to manage the complexity of this undertaking and will look to actively engage employees, customers, and partners as we continue to innovate and drive progress as a leader in sustainability," CEO Brian Goldner said in a statement.

While the company is taking aim at plastic packaging, Hasbro will be hard-pressed to eliminate the material that's used in the production of the toys and games themselves.

Hasbro previously added the How2Recycle labeling in 2016 and has teamed up with TerraCycle to provide a toy recycling program. That effort allows consumers to send their used toys to TerraCycle, which sees that they are recycled into new products such as benches, flower pots and play spaces.

"Reimagining and redesigning packaging across our brand portfolio is a complex undertaking, but we believe it's important and our teams are up for the challenge," Chief Operating Officer John Frascotti said in a statement.

"We know consumers share our commitment to protecting the environment, and we want families to feel good knowing that our packaging will be virtually plastic-free, and our products can be easily recycled," he said.