Swedish manufacturer Indutrade has agreed to buy UK company Precision Products Ltd, with annual sales of SEK 70 million (US$10.7 million).
Precision Products, with a customer base in 48 countries, is a supplier of piston rings to the international marine engine industry as well as products for other industrial applications.
Precision Products fits well in to our strategy of acquiring niche companies with a high level of technical expertise and building clusters,"says Johnny Alvarsson, president and CEO of Indutrade. "The company will be included in a cluster together with the spring manufacturers Spinova and Carrab Industri."
Precision Products will be part of the Special Products unit, which had net sales of SEK 1,094 million (US$168.4 million).
Indutrade is structured into four business areas: Engineering &Equipment, Flow Technology, Industrial Components and Special Products. Indutrade's sales were SEK 4,516 million (US$695.3 million) in 2006.