Facit – electromechanical calculators

1922-1972

From the early 1930s on, the Swedish company Facit achieved enormous success with its mechanical calculators. They were exported around the world. By the early 1950s, the electronic revolution was underway and the calculators followed along. However, although Facit’s management new big changes were happening, they did not invest in development and innovation. By 1970, Facit peaked with 14,000 employees around the world. Then in 1971, cheaper electronic calculators arrived from Japan. The following year, the company was on the verge of bankruptcy and was sold. Facit’s downfall is a classic cautionary tale of what happens when companies do not invest in innovation. 

Additional info:
Wikipedia – English article, the Swedish is much longer.
Disruptiveinnovation.se – link downloads a quality academic article in English.