In 1946 by the Yugoslav Government decision, the IPM was firstly founded as a development technological institute, developing new products for the requirements of the local industry. In the early 1950's the IPM started the production of carburettors and other equipment for domestic petrol engines, such as petrol pumps, spark plugs, ignition distributors, etc.
In the early 1960's, IPM specialized in the field of engine equipment and engine fuel supply systems. For this purpose, IPM started the cooperation with the British firm CAV in the field of fuel injection systems on the basis of in-line pumps (1956) and in 1967, this cooperation was expanded to rotary pumps known under the name of DPA pumps. In 1972, acquiring production rights and the know-how in the field of carburettors, IPM entered into business relations with the firm Eduardo Weber, Italy.

In the course of its regular development of the products, IPM has permanently improved its production technology at the same time introducing new, modern production procedures and machines.

The increased demand for the IPM products has stimulated this enterprise from its very founding until the present moment to increase its production capacities in several phases, by means of increasing the number of machines and enlarging the production area.

The long-lasting history of the IPM was marked with several dates:

• The factory was moved into a new building in 141 Vojislava Ilica St., Belgrade on October 19th 1963
• 1983. the new factory was set into function
• 1998.the factory became a joint-stock company

The Certificate as per the Standard ISO 9001:2001, the IPM received in May 2004 and in 2007 it received the Certificate cULuS for door closers.

On December 14th 2006 at the public auction organized by the Agency for Privatization of the Republic of Serbia, the ITM Industrokomerc has purchased the Industrija Precizne Mehanike for 5,8 mil. eur, thus becoming the owner of 70% of the capital.