Nordson buys medical product maker Atrion Corp.
Canadian Plastics
Plastics ProcessesAtrion supplies medical infusion fluid delivery and cardiovascular products.
Westlake, Ohio-based Nordson Corp., a maker of dispensing equipment for consumer and industrial adhesives, sealants and coatings, is acquiring Atrion Corp., a maker of medical infusion fluid delivery and cardiovascular products, for US$460 per share in cash, or about US$800 million.
In a news release, Nordson officials said the deal “expands its medical portfolio into new markets and therapies, supported by long-term secular growth trends.”
Founded in 1994 and headquartered in Allen, Tex., Atrion comprises three businesses that Nordson said will “significantly expand” its addressable market in infusion and cardiovascular therapies: Halkey Roberts, a maker of infusion fluid delivery solutions, including single-use OEM medical components such as swabable and pressure relief valves; Atrion Medical, a provider of OEM interventional inflation devices for balloon catheterization, stent deployment and fluid delivery in structural heart, ENT and GI procedures; and Quest Medical, which makes myocardial protection devices and single-use consumables for real-time drug administration during cardiovascular surgery.
“Over nearly 15 years, Nordson has built a strong medical portfolio through organic and acquisitive growth. This attractive end market has several long-term secular growth drivers, including aging of the population, increasing healthcare spending and procedures, adopting of minimally-invasive surgical techniques, continuing innovation and medical OEM outsourcing,” Nordson president and CEO Sundaram Nagarajan said. “We have long admired Atrion’s technology portfolio, and [this] announcement represents a step forward in expanding our medical offerings for our customers.”
The transaction is expected to close prior to Nordson’s fiscal year-end 2024.