DeWITT, N.Y. — A firm based in Helsinki, Finland intends to acquire Cryomech, a cryocooler technology and manufacturing company based at 6682 Moore Road in DeWitt.
Bluefors is a Finnish manufacturer of cryogenic measurement systems.
The combined company will bring together close to 600 employees and cryogenics experts in Finland, Germany, the Netherlands, and the United States, per the Cryomech announcement.
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The company didn’t include any financial terms of the acquisition agreement.
Cryomech has 175 people working at the DeWitt location, Rich Dausman, Cryomech’s president, tells CNYBJ in an email message. He also noted that Cryomech is looking to fill between 25 and 30 openings with details at the firm’s website.
The Committee for Foreign Investment in the United States (CFIUS) has approved the transaction, the local firm said. The shareholders of Cryomech’s employee stock ownership plan (ESOP) also need to OK the acquisition to complete the transaction.
The firms expect to close the deal by the end of March.
“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,” Rob Blaauwgeers, CEO and founder of Bluefors, said. “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.”
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.
Once the acquisition is complete, the combined company will move forward as 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. Dausman, Cryomech’s current president, will continue to operate the business while joining the Bluefors’ leadership team and its board of directors “as an observer.”
“We’re excited to join Bluefors,” Dausman said in the Cryomech announcement. “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.”
