Swedish industrial machinery manufacturer Atlas Copco AB signed an agreement to buy Rand Air Ltd. to further its presence in the rental industry, the company said.

The South African compressed air rental company, which will continue to operate under the name Rand Air, has annual sales of close to $11 million (U.S.).

The deal follows Atlas' previous acquisitions of Prime Service of Houston and Clementina Equipment Co. of San Francisco.

Third-quarter net income for Stockholm-based Atlas rose a less-than-expected 1 percent to $66 million (U.S.), which the company said was because of a slump in orders from Asia.