Nordson Corporation (Nasdaq: NDSN) 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.<\/p>\n
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 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<\/p>\n
Generating over $70 million in annual revenue with 500 employees, this global product line has been reported in Nordson\u2019s Industrial Precision Solutions segment.\u00a0 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.<\/p>\n
Joseph 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.\u00a0 This action underscores our commitment to align and focus our resources with the best strategic opportunities for long-term profitable growth.\u201d<\/p>\n
The 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 About Altair<\/strong><\/p>\n Altair 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<\/strong><\/a>.<\/p>\n About Nordson<\/strong><\/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.\u00a0 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.\u00a0 Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in more than 35 countries.\u00a0 Visit Nordson on the web at http:\/\/www.nordson.com<\/a>, @Nordson_Corp<\/a>, or www.facebook.com\/nordson<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Nordson Corporation entered into a definitive agreement to divest the screws and barrels product line from its polymer processing systems…<\/p>\n","protected":false},"author":2,"featured_media":21749,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,16],"tags":[],"series":[],"class_list":["post-23791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-plas-tv-meldungen-auf-der-startseite-unterhalb-slider","category-plast-tv-textmeldungen"],"_links":{"self":[{"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts\/23791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23791"}],"version-history":[{"count":1,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts\/23791\/revisions"}],"predecessor-version":[{"id":23792,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts\/23791\/revisions\/23792"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/media\/21749"}],"wp:attachment":[{"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23791"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fseries&post=23791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}