Bluefors to acquire Cryomech, creating a global leader in the ultra-low temperature cooling technology market

USA - English

• USA - English

HELSINKI, Feb. 28, 2023 /PRNewswire/ -- Bluefors, a leading Finnish manufacturer of cryogenic measurement systems, has today announced it intends to acquire Cryomech, a pioneering cryocooler technology and manufacturing company, based in Syracuse, New York, USA. The combined company will bring together close to 600 employees and cryogenics experts in Finland, Germany, the Netherlands, and USA. The acquisition will position the company to be even better equipped to serve current and future customers working at the cutting edge in quantum technology, fundamental physics research, and other select industrial applications.

"We have a long history of working together with Cryomech, and this agreement is really the next stage in the evolution of collaboration between the Bluefors and Cryomech teams," said Rob Blaauwgeers, CEO and founder of Bluefors. "The acquisition gives our new, combined company an even better opportunity to secure technological leadership, which will help us continue to serve our customers and continue our strong growth in the rapidly developing ultra-low temperature cryogenics market."

"We're excited to join Bluefors," said Rich Dausman, President of Cryomech. "We're both pioneers in our fields of expertise, we share the entrepreneurial mindset that serves our customers and, most importantly, both companies value and take care for the wellbeing of all our co-workers. Our team in Syracuse has already experienced firsthand the impact Bluefors has had on our market and the growth it has generated. We will continue that trend, serving our customers as before and with our complementary product portfolios. Together, Cryomech and Bluefors will serve a larger portion of the cryogenic market as one."

The acquisition of Cryomech is in line with Bluefors' growth strategy to continue to drive the development in ultra-low temperature cooling technology in R&D and industrial applications. Besides the acquisition and quadrupling the team to 400 employees in the last years, Bluefors has an investment project ongoing to expand its campus in Helsinki and is committed to the current expansion of the Syracuse campus.

Following the completion of the acquisition, the name of the combined company will be Bluefors. Cryomech will remain as a product brand and the existing Cryomech products and services portfolio will remain unchanged. In addition, the acquisition will not lead to changes in Cryomech's leadership team, with its current President, Rich Dausman, continuing to run the business while joining Bluefors' Leadership Team and its Board of Directors as an observer.

The transaction has been approved by the Committee for Foreign Investment in the United States (CFIUS). The completion of the acquisition also requires an approval by the shareholders of Cryomech's Employee Stock Ownership Plan (ESOP). The transaction is estimated to be completed by end of March 2023.

About Bluefors

Bluefors is the world leader in manufacturing cryogenic measurement systems for quantum technology and fundamental physics research. With a revenue of over EUR 130 million and around 400 employees, we are dedicated to delivering the most reliable, versatile and easy-to-operate systems on the market. The quality of our products in combination with our scalable production capabilities, has made us as the preferred choice for ultra-low temperature requirements at universities, research institutes, and corporations globally.

bluefors.com

About Cryomech

Cryomech designs and manufactures cryocoolers and other cryogenic product lines. Since 1963, Cryomech has provided hundreds of customers with Gifford-McMahon and Pulse Tube Cryocoolers, Helium Recovery Systems, Liquid Nitrogen Plants and custom-built Cryostats. Cryomech serves industries such as: Quantum Information Science & Technology, Medical & Life Sciences, Clean Energy, and Ultra Low Temperature Physics.

cryomech.com

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