Swedish technology group Indutrade has acquired Precision Products, a Chesterfield-based supplier of piston rings to the marine engine industry. The deal marks Indutrade’s second UK acquisition, following last year’s acquisition of Newcastle-based technical sales business International Plastic Systems.

Swedish technology group Indutrade has acquired Precision Products, a Chesterfield-based supplier of piston rings to the marine engine industry. The deal marks Indutrade’s second UK acquisition, following last year’s acquisition of Newcastle-based technical sales business International Plastic Systems.

The company markets and sells components, systems and services with a high-tech content to industrial customers within selected niches. Its four key business areas are engineering and equipment, flow technology, industrial products and special products.

Says Indutrade president and chief executive officer Johnny Alvarsson: “Precision Products fits well into our strategy of acquiring niche companies with a high level of technical expertise and building clusters. The company will be integrated into a cluster together with spring manufacturers Spinova and Carrab Industri.

The group’s operations are concentrated in markets in Northern Europe. Main markets are Sweden and Finland, which jointly accounted for approximately 72 per cent of net sales in 2007. The group is also active in Norway, Denmark, Germany, the Benelux, the UK, the Baltic States and Russia. Indutrade has about 90 subsidaries, generating net sales amounting to SEK5,673 million (£459 million) in 2007.