The history of Verket

Historical background

The explosive industrial development worldwide set new demands that the small artisanal mills in Sweden could not meet. In order to run mill operations, regulated hydropower, large-scale operations and good transport systems were required.

1872 Hjalmar Petre and Hampus buys August Cornelius Stora Kopparberg's Avesta Jernverk with waterfalls and estates. In 1873 they form Avesta-Garpenberg AB with Cornelius as CEO and site manager. At the site, there were buildings from the abandoned copper mill and a small iron bar. The company was not interested in the old buildings, but immediately started to plan and build the new large ironworks.

It was a boom when the new ironworks were formed and the calculations were based on continued high revenues. In 1878, Sweden passed a financial crisis which was precisely a consequence of large investments being made in areas that could not provide profitability within a reasonable time. In 1879, Avesta-Garpenberg AB went bankrupt. After the bankruptcy, Cornelius is appointed to continue to take care of the business under the new owners Jernkontoret and Norrköpings Enskilda Bank. In 1883, Avesta Jernverk AB is formed with Jernkontoret as majority shareholder. One of the minority shareholders is then Axel Johnson. In 1905, Axel Johnson acquires the majority shareholding and the ironworks became completely owned by Johnson.


Detailed History

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Copper Valley

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