Erno Rubik was born in Budapest, Hungary in 1944. After he finished his studies in mechanical engineering at the Technical University of Budapest, he worked for a year as an engineer in a steel mill. In 1967 he formed his own company, Rubik-Csere, which was the first to manufacture the cube puzzle. He designed and patented the first commercial cube in 1971 and started to sell it almost immediately
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As a result of its success, Rubik founded The Cube Corporation Ltd., and formed a partnership with Ideal Toy Corporation of Hong Kong to produce and distribute other Rubik's products. In 1981, Rubik founded The Rubik's Company Ltd., headquartered in Budapest. He became the majority shareholder of the company after buying out Ideal's interest.
In 1997, Rubik sold The Rubik's Company Ltd. to Gansbaai Holdings Inc., a South African investment group that specialized in toy sales and distribution. In 2010, Rubik sold The Rubik's Company Ltd.
to HJ Holdings for about USD 21 million.