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The Lego Group (also known as Lego System A/S or formally Lego A/S) [5] is a Danish construction toy production company based in Billund, Denmark. [6] It manufactures Lego -branded toys, consisting mostly of interlocking plastic bricks.
Godtfred decided that the plastic line was strong enough by this time to abandon the production of wooden toys. As a result, Godtfred's brothers Gerhardt (then head of wooden toys) and Karl Georg left the Lego company and began a separate company called "Bilofix." By the end of the year, the Lego Group was employing more than 500 people. [15]
Lego (/ ˈ l ɛ ɡ oʊ / ⓘ, LEG-oh; Danish:; [1] stylised as LEGO) is a line of plastic construction toys manufactured by the Lego Group, a privately held company based in Billund, Denmark. Lego consists of variously coloured interlocking plastic bricks made of acrylonitrile butadiene styrene (ABS) that accompany an array of gears , figurines ...
The turnaround is apparent in the company's financials: Lego Group's revenue in 2023 was $9.65 billion, up about 74% from five years earlier, according to Dow Jones data.
Lego Group reports record loss for 2003 fiscal year. The colors Dark Stone Grey (199), Medium Stone Grey (194) and Bright Purple (221) replaces Dark Grey, Grey and Medium Reddish Violet, respectively. The color Medium Lilac (268) is introduced. Jorgen Vig Knudstorp is appointed CEO of The Lego Group (The first non-family CEO in Lego history).
He consequently decided to focus his products on the development of children. With this decision, Christiansen defined the core philosophy of the company, which was expressed in its name in 1934. Lego is a shortened form of the Danish word Leg godt, meaning "play well". [12] The company eventually became known as The Lego Group.
The authors attribute the company's rescue to the efforts of new CEO, Jørgen Vig Knudstorp, who cut costs (by, among others, reducing the number of bricks produced), engaged with the Lego fandom community, and refocused the company's efforts on its core business (design and marketing of interlocking plastic bricks) rather than side activities ...
Gone are the days when Lego’s brick-like toys were reserved for kids alone. Now, adults are just as enthusiastic collectors of the Danish company’s colorful brick sets—and Lego is banking on ...