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EXHIBIT 2.1
NORDSON WILL ACQUIRE EFD, INC; ADDS HIGH GROWTH BUSINESS,
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EXPANDS PRECISION DISPENSING CAPABILITIES
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WESTLAKE, Ohio - September 21, 2000 - Nordson Corporation (Nasdaq-NDSN)
announced today that it has signed a definitive agreement to purchase EFD, Inc.,
a privately held company headquartered in East Providence, Rhode Island, with
annualized revenue of more than $61 million.
EFD is the world's leading producer of precision, low-pressure, industrial
dispensing valves and components. The company's valve applicators are used to
dispense a variety of fluids, including solder paste, electronic coatings and
adhesives, fluxes, inks, paints, sealants, and solvents. EFD's products are
especially well suited for the high-growth electronics and medical product
markets.
"EFD's product line complements our high growth businesses for dispensing
high-performance materials for markets such as electronics and product
assembly," said Edward P. Campbell, Nordson president and chief executive
officer. "This acquisition will leverage Nordson's unique global position and
accelerate growth in targeted markets with EFD's outstanding reputation and
high-quality products."
Campbell added, "The addition of EFD fits our strategy of acquiring companies
with market-leading positions and above-average growth. EFD has delivered a
consistent growth record for sales and profits, and strong cash flow."
EFD President John S. Carter will be retiring from the company. Carter founded
EFD in 1963 and built the company into a successful organization with more than
280 employees at four locations in Rhode Island, the United Kingdom and France.
-more-
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Nordson Corporation -September 21, 2000 - Page 2 of 2
Randall D. Richardson, vice president, Nordson's nonwovens systems group, will
succeed Carter at EFD. Richardson joined Nordson in 1981 and previously was vice
president of the company's packaging and product assembly group.
The $280 million transaction is expected to close at the end of October, subject
to customary conditions and regulatory review.
Nordson will broadcast a conference call regarding this acquisition on the news
page of the company's Web site, www.nordson.com, on Friday, September 22, 2000,
at 9 a.m. EDT. For those unable to listen to the live broadcast, a replay will
be available until midnight on September 29.
Nordson Corporation is the world's leading producer of precision dispensing
equipment. Nordson systems apply adhesives, sealants and coatings to a broad
range of consumer and industrial products during manufacturing operations,
helping customers meet quality, productivity and environmental targets. The
company also manufactures technology-based systems for curing and surface
treatment processes. Headquartered in Westlake, Ohio, Nordson has direct
operations in 31 countries and approximately 4,000 employees worldwide.
Additional information on Nordson Corporation can be found on the company's Web
site, www.nordson.com; information on EFD, Inc. can be found at www.efd-inc.com.
Except for the 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 filings with the Securities and Exchange Commission
that could cause actual results to differ materially.
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