New operations during the 1970s
During the second half of the 1970s economic reality has caught up with the Salén Shipping Company, that changes its name to Saléninvest and is quoted on the stock exchange in 1976. But despite the difficult situation for shipping, Saléns manage to execute other successful business.
Salén & Wicander had already been founded in 1946 by Sven Salén and August ”Pippi” Wicander, and grows during the 1950s into a general trading company with varying activities – with a successful general agency for Toyota cars, alongside an agency for, amongst others, Rolls Royce aero engines, Kawasaki Motorcycles and Siwertell tank cleaning systems – where several of the operations make good profits.
In 1970 the air freight company Cargolux is founded, based in Luxemburg in order to eliminate the risk of conflict with SAS. The company, that transports everything from vegetables to circus animals has a somewhat slow start, but when Saléns sells its holdings in the company in 1991, Cargolux is one of the world’s leading air freight companies with fourteen Boeing 747 planes.
In the wake of the first oil crisis Saléns also start operations within the oil business, with both oil rigs and prospecting. In 1978 the operations, under the name of Salén Energy, is the only company in the group that is expected to make substantial profits, first and foremost as a result of the hiring out of oil rigs.
In the middle of the 1970s the Salén house is also built in central Stockholm, that when broken up and parts sold in 1979 and 1983 pays back the investment several times over.