The LEGO Group is a privately held company based in Billund, Denmark. The company is owned by the Kirk Kristiansen family who also founded it in 1932. It is best known for the manufacture of Lego-brand toys, consisting mostly of interlocking plastic bricks. The name 'LEGO' is an abbreviation of the two Danish words "leg godt", meaning "play well". The LEGO brick remains to be LEGO's most important product. All LEGO products are based on an underlying philosophy of learning and development through play.