DeWITT, N.Y. — Bluefors, a Helsinki, Finland–based manufacturer of cryogenic-measurement systems, on Tuesday announced the completion of its acquisition of Cryomech, a cryocooler-technology and manufacturing company, based in DeWitt.
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) have both approved the transaction, per the Tuesday announcement.
With the acquisition complete, the combined company moves forward as Bluefors, the firms previously announced Feb. 28. The operation at 6682 Moore Road in DeWitt is now known as Bluefors Cryocooler Technologies Inc.
“Joining forces with our new team in Syracuse is a major milestone for Bluefors,” Rob Blaauwgeers, CEO and founder of Bluefors, said in a news release. “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.”
Following the closing of the acquisition, Bluefors now has nearly 600 employees with operations in Finland, Germany, the Netherlands, and the U.S.
Through the acquisition, Bluefors significantly increases its direct presence in the U.S. with about one-third of its employees based in New York. Consequently, Bluefors becomes an important part of the U.S.–based supply chain for cryogenic products used in quantum technology, fundamental physics research and in other select industries, while also strengthening the presence for the Cryomech portfolio in Europe.
“We’re glad to be part of the Bluefors team,” Rich Dausman, president of Bluefors Cryocooler Technologies Inc. and previously president of Cryomech, said in the release. “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.”
Dausman continues to lead the team and operations based in DeWitt, which remains the home for the existing Cryomech products and services portfolio.