As America's iconic crayon manufacturer Crayola braces for another highly profitable back-to-school season, kids around the world prepare to carry on the more than century-long tradition of colorful creativity.
CRAYOLA RELEASES 'COLORS OF THE WORLD' CRAYONS REPRESENTING MORE THAN 40 SKIN TONES
FOX Business' Lauren Simonetti pulled the curtain back on the nation's largest crayon manufacturer, Crayola, where 3 billion crayons and 700 million markers are produced annually.
The company, started by cousins Edwin Binney and C. Harold Smith, rolled its first box of crayons off the assembly line in 1903 and sold them for 5 cents, according to its website. It now continues to play an important role in its eastern Pennsylvania community along with schools and households across the nation.
Simonetti pointed out that 45% of Crayola's annual sales occur during the back-to-school shopping season. Crayola's iconic 24-count pack of crayons is currently the No. 1 selling unit in all of retail sales, except for groceries.
Company COO Peter Ruggiero attributes the company's success to its "phenomenal" employees.
"We have phenomenal employees, Lauren, very highly skilled and very committed to our company. And it's a great capacity that we have here in Pennsylvania," Ruggiero commented.
Despite the undeniable impact of inflation, Crayola has not raised the prices of seven particular products in 15 years.
"[There has been a] tremendous impact on this company from inflation. But our employees do a great job," he continued.
