Finnish manufacturer of cryogenic measurement systems, Bluefors, plans to acquire Cryomech, a pioneering cryocooler technology and manufacturing company based in the United States.
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.
CEO and founder of Bluefors, Rob Blaauwgeers, said the company has a long history of working with Cryomech, and this agreement is really the next stage in the evolution of collaboration between the two teams.
“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,” he said.
Cryomech president, Rich Dausman, said both companies are pioneers.
“Our team in New York 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,” Dausman said.
“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.
In addition to the acquisition and quadrupling the team to 400 employees in recent years, Bluefors plans to expand its campus in Helsinki as well as the Syracuse campus.
Following the completion of the acquisition, the name of the combined company will be Bluefors. Cryomech.
Existing Cryomech products and services portfolio will remain unchanged. In addition, the acquisition will not lead to changes in Cryomech's leadership team.
The transaction will be completed by end of March 2023.