Westlake, Ohio-based Nordson Corp. is in the market for a new CEO.
The maker of precision dispensing equipment for consumer and industrial adhesives, sealants and coatings announced Feb. 28 that president and CEO Michael F. Hilton plans to retire after nine years leading the company.
Nordson's board "has initiated a search of internal and external candidates for his successor," the company said in a news release. Throughout that process, Hilton will remain in his current roles "to ensure a smooth transition."
Hilton, 64, said in a statement that he intends to retire "by calendar year-end."
"I know Nordson's strong leadership team will continue to enhance the company's great legacy," he added. "We have entered new markets and grown this business while holding true to Nordson's core values of integrity, respect for people, customer passion, excellence and energy."
The company noted in the news release that during Hilton's tenure Nordson grew from $819 million to $2.3 billion in annual sales, "driven by a deepened focus on innovative products, emerging markets and strategic acquisitions." It stated that Hilton "led over 30 transactions at Nordson, including acquisitions that established new product platforms in medical, test and inspection, and flexible packaging."
Michael Merriman, chairman of the Nordson board, said in a statement that Hilton "has done a tremendous job of diversifying and growing the company through both innovation and acquisition, which has driven the company to record sales and profitability. As we look forward, the board intends to identify a leader who will build upon Nordson's great foundation and further enhance value and opportunities for our employees, customers and shareholders."
Hilton joined Nordson in 2010. Prior to that, he worked for 33 years at Air Products & Chemicals Inc. in a variety of roles of increasing responsibility. His 2018 base pay at Nordson was $925,000, and his total compensation was about $6.5 million, according to the company's proxy statement.
Its holdings include Xaloy screw and barrel products, EDI flat dies, Premier fluid coating dies, BKG pelletizers, and Clada Medical Devices.
Nordson, founded in 1954, has operations and support offices in more than 35 countries.