Svenska Varv
AB was a Swedish
state-owned company
A state-owned enterprise (SOE) is a business entity created or owned by a national or local government, either through an executive order or legislation. SOEs aim to generate profit for the government, prevent private sector monopolies, provide goo ...
that was founded in 1977. It was formed to liquidate the many unprofitable assets of the Swedish shipbuilding industry which experienced a major financial crisis during 1969–1985 due to competition from the Far East as well as the effects of the
1973 oil crisis
In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) announced that it was implementing a total oil embargo against countries that had supported Israel at any point during the 1973 Yom Kippur War, which began after Eg ...
and the
ensuing recession. The company originally consisted of
Götaverken
Götaverken was a Swedish shipbuilding company that was located on Hisingen, Gothenburg. It was founded in 1841, and ceased building ships in 1989.
History
The company was founded in 1841 by Scottish businessman Alexander Keiller (Gothenburg), Ale ...
,
Uddevallavarvet and
Karlskronavarvet. Later,
Eriksberg,
Finnboda,
Kockums,
Karlskronavarvet and
Öresundsvarvet joined the company. In 1987 the company changed its name to Celsius AB and became a
defence contractor
A defense contractor is a business organization or individual that provides products or services to a military or intelligence department of a government. Products typically include military or civilian aircraft, ships, vehicles, weaponry, and ...
after all of the major shipbuilding wharfs were successfully closed down. Celsius AB was listed on the
Stockholm Stock Exchange
Nasdaq Stockholm, formerly known as the Stockholm Stock Exchange (), is a stock exchange located in Frihamnen, Stockholm, Sweden. Founded in 1863, it has become the primary securities exchange of the Nordic countries. As of March 2021, a total ...
in 1993, and was acquired by
Saab AB
Saab AB (originally , , acronym SAAB), with subsidiaries collectively known as the Saab Group (), is a Swedish aerospace and defense company, defence company primarily operating from Sweden. The company is headquartered in Stockholm, but its de ...
in 1999.
{{Authority control
Defunct companies of Sweden
1977 establishments in Sweden