This paper aims to explore how organizational actors make reference to history and how they use historical reference purposefully in order to affect strategy-making. The paer draws on in-depth case studies on two Swedish MNCs. Data have been collected through 79 interviews as well as participant observation and archival studies. The paper shows that organizational actors purposefully construct and use history in order to establish continuity in strategy processes. the use of historical references legitimizes or delegitimizes specific strategic options.