Westlake, Ohio - May 27, 2011 - Nordson Corporation (Nasdaq:NDSN) today reported that its Board of Directors has authorized the company to repurchase up to 2 million common shares of the company's stock, or approximately 3 percent of the shares outstanding. This authorization replaces the Board’s previous authorization of December 2008.
“The Board’s action reflects continued confidence in our ability to fund long term organic and acquisitive growth prospects while also maintaining an appropriate share repurchase program,” said Nordson President and CEO Michael F. Hilton.
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.
Nordson Corporation is one of the world’s leading producers of precision dispensing equipment that applies adhesives, sealants, liquid and powder coatings and other materials to a broad range of consumer and industrial products. The company also manufactures equipment used in the testing and inspection of electronic components as well as technology-based systems for curing and surface treatment processes. Headquartered in Westlake, Ohio, Nordson has direct operations and sales support offices in more than 30 countries. Visit Nordson at www.nordson.com, www.twitter.com/Nordson_Corp, and www.facebook.com/Nordson.
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James R. Jaye, Director, Communications & Investor Relations