This design was patented in 1968. Per Kuebler, it was produced in Sweden, in contrast with Tretorn's other offerings, many of which were rebadged Snauwaert.
Each of these racquets was supposed to come with three inner frames. The user could carry the dismounted frames as pre-strung spares, or put different strings and/or tensions in them for almost-on-the-fly experimentation. Along with the adjustable handle-length, the design effectively puts half a dozen racquets in the user's hand that would fit inside a single standard-sized racquet case.
One obvious weakness in this type of design is the number of disjointed parts it contains. As anyone who has used an adjustable tool of any kind can readily attest, the junctions between the sub-components are high stress wear areas that can eventually work loose. The more loose components there are, the sooner the tool would fail. Tolerance issues notwithstanding, reinforcing these junctions to prevent premature failure results in additional weight that does not directly contribute to work or performance, meaning that an adjustable tool can never match the performance of its unibody counterpart of the same weight and build-quality. What you end up with is something that is heavier than necessary to do the job, which rattles, squeaks, or loosens more and more the longer you use it.
Your Tretorn is quite rare and very collectable, but it's probably best to leave it as is and hang it on a wall somewhere, rather than risking that stressed-out turnbuckle or the flimsy-looking handle joint by needlessly putting it to work again (and be disappointed by its less-than-stellar performance) nearly six decades after its birth and virtually simultaneous retirement.