Nordson Corporation Enters Agreement to Acquire Micromedics
10/6/2010 7:34:25 AM
WESTLAKE, Ohio, Oct 05, 2010 (BUSINESS WIRE) -- Nordson Corporation /quotes/comstock/15*!ndsn/quotes/nls/ndsn (NDSN 74.67, -0.29, -0.39%) today announced it has entered into a definitive agreement to acquire St. Paul, Minnesota-based Micromedics Inc., a leader in applying and dispensing biomaterials for controlling bleeding, healing wounds and other related medical procedures. Terms of the deal, which is expected to close within approximately 30 days, were not disclosed.
"The Micromedics acquisition fits Nordson's growth strategy of purchasing high performing market leaders with differentiated technology and a significant recurring revenue stream," said Nordson President and CEO Michael F. Hilton. "Micromedics extends Nordson's expertise in precision dispensing technology and helps grow our existing position in the rapidly expanding medical device industry. The market for biomaterial applicators in particular is expected to continue growing due to an expanding range of applications, the continuing introduction of new types of biomaterials, and more widespread reimbursement for procedures using these products."
"The functionality, ease of use and recognized performance advantages of Micromedics products provides significant differentiation in the market and drives customer loyalty," said Micromedics President Curt Miller. "Nordson's global presence, technology leadership and ability to invest should enable Micromedics to build on these strengths, expand its position as a leading provider in the global medical device market, and provide its employees with multiple opportunities for growth."
Micromedics bioapplicator products are marketed under the name FibriJet and include single and dual syringe applicators modified with interchangeable tips for the particular needs of specific surgical procedures. The products enable the controlled dispense of a single material or simultaneous dispense of two materials to a localized treatment site with simple, one-handed operation. The products are sold to a wide variety of end customers, including distributors, surgeons, OEMs, hospitals and outpatient clinics.
The acquired business will be integrated into Nordson's Advanced Technology Systems segment. Additional Micromedics product lines related to ear, nose and throat applications and surgical instrument protection are not being acquired by Nordson and will be spun out prior to close as a new company called Summit Medical Inc.
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 during manufacturing operations. The company also manufactures equipment used in the testing and inspection of electronic components as well as technology-based systems for UV 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.