Nordson Corporation Board of Directors Declares First Quarter Dividend; Authorizes New $300 Million Share Repurchase Program

WESTLAKE, Ohio--(BUSINESS WIRE)--

Nordson Corporation NDSN today announced that its Board of Directors declared effective December 9, 2014 a first quarter cash dividend in the amount of $0.22 per common share, payable on January 6, 2015 to shareholders of record as of the close of business on December 19, 2014.

The Board also has authorized a new $300 million share repurchase program, effective December 16, 2014. This new program will replace the Board's August 2013 $200 million share repurchase program, under which approximately $183 million in Nordson shares have been repurchased and settled through November 28, 2014.

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.

“The Board's actions reflect 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 fund organic and acquisitive growth opportunities, to increase our dividend consistently, and to execute our share repurchase strategy.”

“From the start of fiscal year 2011 through the end of fiscal year 2014, we have increased our dividend from $0.105 per common share to $0.22 per common share, an increase of 110 percent. Over the same period, we have purchased approximately $414 million, or 11 percent, of Nordson's outstanding shares at a discount of approximately 28 percent compared to our fiscal year 2014 fourth quarter closing price. Overall, our balanced and consistent approach to capital allocation has enabled us to deliver top quartile total shareholder return among our peers over an extended period of time.”

Nordson Corporation delivers precision technology solutions that help customers succeed worldwide. The company engineers, manufactures and markets differentiated products and systems used for precision dispensing of adhesives, coatings, sealants, biomaterials, fluids and other materials, plastic extrusion and injection molding, electronics testing and inspecting, and surface preparation, 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 30 countries. Visit Nordson on the web at www.nordson.com, www.twitter.com/Nordson_Corp or www.facebook.com/nordson.