About Dohmeyer Holdings BVBA Becoming a Subsidiary That Manufactures Cryogenic Refrigeration Systems
ーExpanding the Business to Cold Chains for Vaccines and New Medicinesー

Air Water Inc. announced today that it has invested 49% of the original financing of Dohmeyer Holding BVBA (hereinafter, "Dohmeyer") in 2019, a company that manufactures and sells cryogenic refrigeration systems, and additionally acquired 31% of shares on March 30, 2023, thus making Dohmeyer a subsidiary.

1. Overview
Air Water is working to expand its industrial gas engineering business globally, simultaneously having built production centers of hydrogen-related equipment and other low-temperature devices in the three regions of Southeast Asia, North America, and Europe. In doing so, it is drawing on its strengths in cryogenic handling technologies cultivated over many years through the manufacturing and provision of industrial gas, doing so with the intention to expand its industrial gas provision business overseas.

As part of this business strategy, Air Water acquired additional stock in Dohmeyer, a company headquartered in Belgium that manufactures freezing, refrigeration, and storage systems for food refrigeration processing and freeze storage of pharmaceuticals and biological substances. As a consequence, Dohmeyer has become a subsidiary of Air Water.

The freezers and storage systems manufactured by Dohmeyer use cryogenic liquid nitrogen as a coolant, which has the merits of allowing for a higher cooling capacity than electrical alternatives and preventing frozen items' quality from dropping. In particular, the freezers have proven to excel in delivery centering on food uses, and consequently this business has spread globally, especially in Europe as well as North America, Japan and Southeast Asia. Moreover, Dohmeyer has invested in expanding its business related to pharmaceuticals and biological substances in recent years, focusing on demand for freezing vaccines and new medicines, including mRNA vaccines, the development of which was rapid in response to the COVID-19 pandemic. Developing and selling pharmaceutical freezers and large freeze storages to support the cold chains of pharmaceutical companies, a new factory was established in Poland in April, 2023.

By making Dohmeyer a subsidiary, Air Water will be able to operate a business that combines cryogenic refrigeration systems with the provision of liquid nitrogen. In anticipation of the future growth of our business related to pharmaceutical and biological substances, we will strengthen our lineup of refrigeration systems while developing a cold chain business that simultaneously expands to North America and Southeast Asia by introducing the systems as equipment for industrial gas applications.

2. Outline of share acquisition
(1) Date of acquisition: March 30, 2023
(2) Percentage of investment: 80% of total outstanding shares
　　　　　　　　　       　　　  49% already acquired in June 2019.

3. Dohmeyer company overview
(1) Name: Dohmeyer Holding BVBA *BVBA means limited company in Dutch.
(2) Address: Ghent, Belgium
(3) Representative: Fabian Van Damme
(4) Business description: Manufacture and sale of liquid nitrogen freezers and other low-temperature devices and freeze storage containers
(5) Net sales: approx. 3 billion yen (fiscal year ended December 2022)

[Contact for inquiries]
Corporate Communications, Air Water Inc. E-mail：info-h@awi.co.jp