WESTLAKE, Ohio – May 8, 2007 –
Nordson Corporation (Nasdaq:NDSN) today announced that it has acquired YESTech Inc. and PICO Dosiertechnik (PICODOSTEC) in two separate transactions. Both companies will become part of Nordson’s Advanced Technology Systems segment.
YESTech Inc. is a leading provider of Automated Optical Inspection (AOI) and X-Ray inspection systems used in the production of printed circuit board assemblies and semiconductor packages. The miniaturization of electronic products and circuit board components, along with the complexity of circuit board designs, are driving the increasing demand for YESTech’s inspection technology. YESTech will be integrated into Nordson’s Dage Holdings subsidiary, which manufacturers bond testing and digital X-Ray inspection systems. The addition of AOI systems will expand Nordson’s test and measurement capabilities. YESTech employs 23 people and is headquartered in San Clemente, Calif.
PICODOSTEC is a leading manufacturer of piezoelectric technology dispensing systems, which dispense adhesives, lubricants and other performance materials at very high speeds in an extremely accurate manner. The company’s products are used predominately in the electronics, life sciences, packaging, food, chemical and automotive industries. The company, which employs 12 people and is headquartered near Munich, Germany, will operate as part of Nordson’s Asymtek subsidiary.
Nordson purchased the two businesses for a total of $53 million and expects the acquisitions to be accretive to 2007 fiscal year earnings. Together, YESTech and PICODOSTEC had 2006 revenues of approximately $20 million. From 2004 to 2006, revenues grew at an average of 57 percent per year. In 2006, the two companies had combined operating margins of 32 percent and combined EBITDA of $6.4 million.
“The factors that drive the growth in our businesses within the Advanced Technology Systems segment are positively affecting both YESTech and PICODOSTEC,” said Edward P. Campbell, Nordson chairman and chief executive officer. “Additionally, opportunities for operational and revenue synergies make these companies a natural fit for Nordson Corporation.”
“The acquisition of YESTech strengthens Nordson’s presence as a provider of test and measurement equipment, while PICODOSTEC’s piezoelectric technology complements the jetting technology pioneered and perfected by Nordson’s Asymtek business,” Campbell said. “We also see attractive opportunities to leverage PICODOSTEC’s piezoelectric technology across Nordson’s Adhesive Dispensing and Finishing and Coating businesses and our EFD subsidiary.”
Nordson will hold a conference call regarding these acquisitions on Wednesday, May 9, 2007 at 8:30 a.m. EDT. During this call, Nordson also will report on recent business conditions, including order trends; update guidance on its fiscal year 2007 second quarter; and provide a preliminary outlook for the third quarter. The live audio of this call can be accessed from the investor relations page of the Nordson Web site, http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=98680&eventID=1551508
For persons unable to listen to the live audio, a replay will be available for 14 days after the event. Information on YESTech can be found on the company’s Web site, www.yestechinc.com
. Information on PICODOSTEC can be found online at www.picodostec.com/englisch/indexen.html
Except for historical information and comparisons contained herein, statements included in this release may constitute “forward-looking statements,” as defined by the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors, as discussed in the company’s filing with the Securities and Exchange Commission that could cause actual results to differ.
Nordson Corporation is one of the world’s leading producers of precision dispensing equipment that applies adhesives, sealants and coatings to a broad range of consumer and industrial products during manufacturing operations. The company also manufactures equipment used in the testing and inspection of electronic components as well as technology-based systems used for curing and surface treatment processes. Headquartered in Westlake, Ohio, Nordson has more than 3,800 employees worldwide, and direct operations and sales support offices in 30 countries.
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Contact: Derrick Johnson, Director, Corporate Communications