Bluefors, a Helsinki, Finland-based manufacturer of cryogenic measurement systems, acquired Cryomech, a cryocooler technology and manufacturing company based in New York.
The amount of the deal* was not disclosed.
The acquisition will position Bluefors to be equipped to serve current and future customers working in quantum technology, fundamental physics research, and other select industrial applications. The combined company, whose name will be Bluefors, will bring together close to 600 employees and cryogenics experts in Finland, Germany, the Netherlands, and USA.
Led by president Rich Dausman, Cryomech designs and manufactures cryocoolers and other cryogenic product lines. Since 1963, the company 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.
Led by Rob Blaauwgeers, CEO and founder, Bluefors is a provider of manufacturing cryogenic measurement systems for quantum technology and fundamental physics research. It has revenue of over EUR 130 million and around 400 employees.
FinSMEs
01/03/2023
* 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.