{"id":392759,"date":"2020-12-03T09:03:39","date_gmt":"2020-12-03T14:03:39","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=392759"},"modified":"2020-12-03T09:03:39","modified_gmt":"2020-12-03T14:03:39","slug":"nordson-corporation-to-sell-screws-and-barrels-product-line-to-altair-investments","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/nordson-corporation-to-sell-screws-and-barrels-product-line-to-altair-investments\/","title":{"rendered":"Nordson Corporation to Sell Screws and Barrels Product Line to Altair Investments"},"content":{"rendered":"

<\/p>\n

Nordson Corporation to Sell Screws and Barrels Product Line to Altair Investments<\/b><\/p>\n

WESTLAKE, Ohio–(BUSINESS WIRE<\/a>)–
\nNordson Corporation (Nasdaq: NDSN) today entered into a definitive agreement to divest the screws and barrels product line from its polymer processing systems (PPS) division to Altair Investments (Altair). This divestiture represents a portfolio realignment consistent with Nordson\u2019s strategy to drive profitable growth through highly differentiated products serving attractive end markets.\n<\/p>\n

\nSundaram Nagarajan, Nordson president and chief executive officer, said, \u201cUsing NBS Next, Nordson\u2019s growth framework, we are focusing our resources on precision technology solutions that will deliver profitable growth for the company. Our screws and barrels product line is a respected market leader in the polymer processing industry. While this product line no longer fits Nordson\u2019s strategic focus, we believe it will do well with Altair. I want to personally thank the employees, who support this product line, for their contributions to Nordson and wish them success in their future with Altair.\u201d\n<\/p>\n

\nGenerating over $70 million in annual revenue with 500 employees, this global product line has been reported in Nordson\u2019s Industrial Precision Solutions segment. Nordson and Altair anticipate closing the transaction in the first quarter of fiscal 2021. They will work collectively to ensure a smooth transition with no disruption to customer service and support.\n<\/p>\n

\nJoseph Kelley, executive vice president and chief financial officer, commented, \u201cThis strategic portfolio transaction will improve the company\u2019s ongoing earnings and require a one-time, non-cash asset impairment charge of approximately $87 million. This action underscores our commitment to align and focus our resources with the best strategic opportunities for long-term profitable growth.\u201d\n<\/p>\n

\nThe company looks forward to providing further color on this pending transaction during its previously announced fourth quarter and fiscal year 2020 webcast. The webcast will be hosted on December 16, 2020, at 8:30 AM ET. To access the webcast, visit https:\/\/event.on24.com\/wcc\/r\/2628675\/B638FB84EA21025D197A978D960BC497<\/a><\/p>\n

\nCertain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” \u201coutlook,\u201d \u201cguidance,\u201d “continue,” \u201ctarget,\u201d or the negative of such terms or comparable terminology. These statements reflect management\u2019s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic conditions, financial, and market conditions, currency exchange rates and devaluations, possible acquisitions including the Company\u2019s ability to successfully integrate acquisitions; the effects of changes in U.S. trade policy and trade agreements; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, acts of terror, natural disasters and pandemics, including the current coronavirus (COVID-19) pandemic and the other factors discussed in Item 1A (Risk Factors) in the Company\u2019s most recently filed Annual Report on Form 10-K and on its Form 10-Q with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release.\n<\/p>\n

About Altair<\/b><\/p>\n

\nAltair Investments Inc. is a Chicago-based private equity firm focused on investing in niche manufacturing companies in the lower middle market. Its partners bring more than 35 years of global experience in the financial and manufacturing industries. Altair\u2019s most recent acquisitions include NVEyeTech and Marathon Boat Group. Visit Altair on the web at www.altairinvestmentsinc.com<\/b><\/a>.\n<\/p>\n

About Nordson<\/b><\/p>\n

Nordson Corporation engineers, manufactures and markets differentiated products and systems used for the precision dispensing of adhesives, coatings, sealants, biomaterials, polymers, plastics and other materials, fluid management, test and inspection, UV curing and plasma surface 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, 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 35 countries. Visit Nordson on the web at http:\/\/www.nordson.com<\/a>, @Nordson_Corp<\/a>, or www.facebook.com\/nordson<\/a>. <\/span><\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201203005591\/en\/<\/a><\/span><\/p>\n

Nordson
\n<\/b>
Lara Mahoney
\n
+1 (440) 204-9985
\n
Lara.mahoney@nordson.com<\/a><\/p>\n

Altair
\n<\/b>
Babita Sharma
\n
+1 (860) 990-8521
\n
Bsharma@altairinvestmentsinc.com<\/a><\/p>\n

KEYWORDS:<\/b> Ohio United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Other Manufacturing Technology Packaging Semiconductor Engineering Other Technology Manufacturing Hardware Electronic Design Automation<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
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Nordson Corporation to Sell Screws and Barrels Product Line to Altair Investments WESTLAKE, Ohio–(BUSINESS WIRE)– Nordson Corporation (Nasdaq: NDSN) today entered into a definitive agreement to divest the screws and barrels product line from its polymer processing systems (PPS) division to Altair Investments (Altair). This divestiture represents a portfolio realignment consistent with Nordson\u2019s strategy to drive profitable growth through highly differentiated products serving attractive end markets. Sundaram Nagarajan, Nordson president and chief executive officer, said, \u201cUsing NBS Next, Nordson\u2019s growth framework, we are focusing our resources on precision technology solutions that will deliver profitable growth for the company. Our screws and barrels product line is a respected market leader in the polymer processing industry. While this product line no longer … <\/p>\n

Continue reading “Nordson Corporation to Sell Screws and Barrels Product Line to Altair Investments”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-392759","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nNordson Corporation to Sell Screws and Barrels Product Line to Altair Investments - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/nordson-corporation-to-sell-screws-and-barrels-product-line-to-altair-investments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nordson Corporation to Sell Screws and Barrels Product Line to Altair Investments - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Nordson Corporation to Sell Screws and Barrels Product Line to Altair Investments WESTLAKE, Ohio–(BUSINESS WIRE)– Nordson Corporation (Nasdaq: NDSN) today entered into a definitive agreement to divest the screws and barrels product line from its polymer processing systems (PPS) division to Altair Investments (Altair). This divestiture represents a portfolio realignment consistent with Nordson\u2019s strategy to drive profitable growth through highly differentiated products serving attractive end markets. Sundaram Nagarajan, Nordson president and chief executive officer, said, \u201cUsing NBS Next, Nordson\u2019s growth framework, we are focusing our resources on precision technology solutions that will deliver profitable growth for the company. Our screws and barrels product line is a respected market leader in the polymer processing industry. 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