Nordson Corporation today announced that its Board of Directors has authorized the repurchase of up to an additional $100 million of the company’s Common Shares following exhaustion of the September 2011 authorization to repurchase $100 million of shares. There remains approximately $14 million available for repurchase under the prior authorization.
“The Board’s action reflects continued confidence in the long-term strength of our company and our ongoing commitment to creating shareholder value,” said Nordson President and CEO Michael F. Hilton. “Nordson continues to generate strong cash flow which enables us to be disciplined yet opportunistic in repurchasing shares while also making investments to fund long term organic and acquisitive growth opportunities and continuous improvement initiatives.”
Expected uses for repurchased shares include, but are not limited to, funding benefit programs including stock options, restricted stock and 401(k) matching. Shares repurchased will be treated as treasury shares until used for such purposes.
Shares may be purchased from time to time at prevailing prices, subject to market conditions, share price and other considerations. Purchases will be made on the open market pursuant to the applicable Securities Exchange Act Rules and will be funded from operating cash flows.
About Nordson Corporation
Nordson Corporation delivers precision technology solutions that help customers increase speed, productivity and up-time, enable new products and features, and decrease material usage. The company engineers, manufactures and markets differentiated products and systems used for dispensingadhesives, coatings, sealants, biomaterials and other materials, fluid management, testing and inspection, and UV curing and surface plasma treatment, all supported by application expertise and direct global sales and service. Nordson serves a wide variety of consumer non-durable, durable and technology end markets including packaging, nonwovens, electronics, medical, appliances, energy, transportation, building and construction, and general product assembly and finishing. Founded in 1954 and headquartered in Westlake, Ohio, the company has operations and support offices in more than 30 countries. Visit Nordson at www.nordson.com.