Danish toy company Lego on Monday unveiled
plans to build a factory in China to supply its growing market in
The facility in the city of Jiaxing, about 100 kilometres from Shanghai, would employ 2,000 people and be operational in 2017, the company said.
Building work was due to begin next year, Lego said.
"It is our strategy to have production close to our core markets in order to secure short lead-time," Lego executive Bali Padda said.
Currently, the group has production facilities in Denmark, the Czech Republic, Hungary and Mexico.
Lego said it estimated the new plant would be able to provide between 70 and 80 per cent of the products it sells in Asia. Sales in the region have in recent years increased by over 50 per cent a year.
The group reported a full-year net profit of 5.6 billion kroner (969 million dollars) for 2012, topping its own expectations.
The annual net profit compared to 4.16 billion kroner for 2011.
Most Popular Stories
- Alabama House Speaker Arrested on Felony Ethics Charges
- 'Fury' Blows 'Gone Girl' Out of the Box Office
- Turkey to Help Kurds Reach Fight in Kobani
- German Intelligence Blames Ukraine Rebels for MH17
- ISIS Seeks to Expand Terror War
- Clinton Rallies Early Vote for Landrieu
- Perez Leads Push for Obama's Job Proposals
- 'Fury' Gets Into Soldiers' Minds: Brad Pitt
- Prius Drivers Battle Stereotypes
- Car Drivers Warned to Get Air Bags Fixed