I imagine the IP is the design, trademarks and copyright, which in some cases is quite valuable. Maybe not so here. I suspect that this is also one of those legally allowed monopolies that exist throughout the country, where there is only one manufacturer, but it is not an issue for the government since the demand is small and elastic.
The flamingos were originally made in Massachusetts, but production moved to New York in 2006 after the original manufacturer went bankrupt, so this is a move home for the kitschy artwork.
Update (6/24/2015): I fixed the link to the PlasticsNews article.
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