Nordson Acquires Atrion Corp. for $460 per Share

Nordson Corporation has recently announced its definitive agreement to acquire Atrion Corporation for $460.00 per share in cash. This reflects a valuation of 15x Atrion's 2024 full-year estimated EBITDA, inclusive of synergies. Atrion, headquartered in Allen, Texas, generated approximately $169 million in annual revenue in 2023 through its specialized FDA registered manufacturing facilities.

The acquisition is expected to broaden Nordson's exposure to higher-growth and stable medical end markets, expanding its medical portfolio into new markets and therapies. The transaction represents a total transaction enterprise value of approximately $800 million and is anticipated to close prior to Nordson's fiscal year-end 2024, subject to regulatory and stockholder approvals.

Nordson expects to fund the acquisition through a combination of cash on hand and newly issued financial debt. Atrion's portfolio includes Halkey Roberts, Atrion Medical, and Quest Medical, which are expected to significantly expand Nordson's addressable market in infusion and cardiovascular therapies.

This acquisition aligns with Nordson's strategic vision, leveraging its NBS Next growth framework and medical business expertise to realize significant operational synergies while supporting the long-term growth of the business. Nordson Corporation is an innovative precision technology company with diverse end market exposure including consumer non-durable, medical, electronics, and industrial end markets. Established in 1954 and headquartered in Westlake, Ohio, Nordson operates and supports offices in over 35 countries.

The transaction is expected to bring significant benefits to Nordson's medical offerings for its customers, supported by long-term secular growth trends in the healthcare industry. Nordson will host a conference call to discuss the acquisition at 8:30 am ET today.

The acquisition presents an opportunity for Nordson to strengthen its position in the medical sector and expand its market presence, driven by the complementary nature of Atrion's product and patent portfolios, as well as its specialized manufacturing facilities. This move reflects Nordson's commitment to delivering top-tier growth with leading margins and returns across its operations. As a result of these announcements, the company's shares have moved -1.0% on the market, and are now trading at a price of $235.45. For more information, read the company's full 8-K submission here.

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