Bluefors closes the acquisition of Cryomech

HELSINKI and SYRACUSE,N.Y.,March 28,2023 -- Bluefors,a leading Finnish manufacturer of cryogenic measurement systems,has today announced the completion of its acquisition of Cryomech,a pioneering cryocooler technology and manufacturing company,based in Syracuse,New York,USA.

"Joining forces with our new team in Syracuse is a major milestone for Bluefors," says Rob Blaauwgeers,CEO and founder of Bluefors. "Adding 60 years of history and expertise in cryogenics to our 15-year journey and now having a comprehensive portfolio of cryogenic products that get us from room temperature to the coldest temperatures on the planet,will strengthen our position to continue to meet and exceed our customers' expectations in the future as well."

"We're glad to be part of the Bluefors team," says Rich Dausman,who continues to lead the team and operation based in Syracuse,which continues to be the home for the existing Cryomech products and services portfolio. "This is a great home for our team and together we will continue to take care of all our co-workers and customers around the world while growing together in the rapidly developing ultra-low temperature cryogenics market."

Following the closing of the acquisition,Bluefors now has close to 600 employees and cryogenics experts in Finland,Germany,the Netherlands,and the USA. Through the acquisition,Bluefors significantly increases its direct presence in the USA with approximately one-third of its employees based in the state of New York. Consequently,Bluefors becomes an important part of the US-based supply chain for cryogenic products used in quantum technology,fundamental physics research and other select industries,while also strengthening the presence for the Cryomech portfolio in Europe.

The transaction has been approved by the shareholders of Cryomech's Employee Stock Ownership Plan (ESOP) and the Committee for Foreign Investment in the United States (CFIUS).

Contact information

Contact information

Rob Blaauwgeers

Rich Dausman

CEO,Founder of Bluefors

President,Bluefors Cryocooler Technologies Inc.

Phone: +358 9 5617 4800

Phone: +1 315 455 2555

Email: rob@bluefors.com

Email: rdausman@cryomech.com

About Bluefors

Bluefors is the world leader in manufacturing cryogenic measurement systems,cryocoolers and other cryogenic product lines for quantum technology,such as life sciences and clean energy. Now,following the acquisition,with a revenue of over EUR 160 million and around 600 employees,we are dedicated to delivering the most reliable,versatile,and easy-to-operate systems on the market under Bluefors and Cryomech brands. The quality of our products in combination with our scalable production capabilities,has made us the preferred choice for ultra-low temperature requirements at universities,research institutes,and corporations globally.

bluefors.com / cryomech.com

The following files are available for download:

https://mb.cision.com/Main/20396/3741854/1946197.pdf

Press release (PDF)