Atrion, formed in 1944, generated about $169 million in revenue in 2023, Nordson said.
It said the deal price "reflects a valuation of 15X Atrion’s 2024 full-year estimated EBITDA (earnings before interest, taxes, depreciation, and amortization), inclusive of synergies" it expects to generate in the first two years of ownership.
Atrion company 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.
Nordson President and CEO Sundaram Nagarajan said in a statement that the company has built its medical portfolio in the last 15 years "through organic and acquisitive growth. ... We have long admired Atrion’s technology portfolio, and today’s announcement represents a step forward in expanding our medical offerings for our customers."
On May 21, Nordson slightly lowered its full-year revenue forecast as part of its second-quarter financial results. Nagarajan said in a statement with those results, “As we move into the second half of fiscal 2024, the positive indicators in the electronics end markets have not yet converted into orders needed to meet our previously issued guidance. We are also experiencing increased pressure from the agriculture cycle in Europe, which is causing OEMs to slow investments in spray implement purchases. In each of these cases, we believe the impact is temporary and we remain confident in the long-term growth drivers of these respective end markets."