• Precision Dispensing Systems: Nordson provides equipment for the precise application of adhesives, sealants, coatings, and other materials in manufacturing processes across various industries.
• Fluid Management Components: The company offers specialized components and systems for managing, transferring, and dispensing critical fluids, especially within the medical and life sciences sectors.
• Test and Inspection Systems: Nordson manufactures advanced equipment for quality control, including automated optical inspection, X-ray inspection, and metrology solutions for complex manufacturing.
• Surface Treatment and Curing Systems: They develop technologies for preparing surfaces, such as plasma treatment, and for curing materials like UV curing, used in various industrial applications.

Nordson (NDSN) primarily sells its products and services to other companies (Business-to-Business, or B2B).

According to Nordson's financial filings (e.g., their most recent 10-K), the company has a highly diversified customer base, and no single customer accounted for 10% or more of its consolidated net sales in recent fiscal years. Therefore, Nordson does not have "major customers" in the traditional sense of a few dominant clients that represent a significant portion of its revenue.

Instead, Nordson serves thousands of manufacturing companies globally across a wide array of end markets. Its customers are typically original equipment manufacturers (OEMs) and end-users of its precision dispensing, fluid management, test and inspection, and surface treatment technologies. While specific customer names are not disclosed due to the diversified nature of their business, their customer base consists of companies in the following key industries:

• Consumer Non-Durable Goods Manufacturing: This category includes companies producing products like diapers, feminine hygiene products, and various types of packaging (for food, beverages, and other consumer goods) that rely on Nordson's precision dispensing of adhesives, sealants, and coatings.
• Consumer Durable Goods Manufacturing: Manufacturers in sectors such as automotive (e.g., car manufacturers and their suppliers for components), appliances, electronics, and construction, which use Nordson's systems for coating, bonding, and sealing applications.
• Electronics Manufacturing: Companies involved in the production of semiconductors, printed circuit boards (PCBs), and advanced electronic components, utilizing Nordson's dispensing, inspection, and test equipment for precision assembly and quality control.
• Medical Device Manufacturing: Businesses that produce a wide range of medical devices, including catheters, syringes, and other critical components, where Nordson's fluid management and dispensing technologies are essential for precision assembly and material processing.

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The key risks to Nordson's business (NDSN) are primarily linked to global economic dynamics, currency volatility, and the execution of its acquisition strategy.

1. Global Economic Conditions and Market Demand: Nordson's profitability and sales are significantly influenced by U.S. and international economic and market conditions. The company serves diverse end markets, including packaging, electronics, medical, and automotive, making it susceptible to downturns or fluctuations in these industries. For instance, specific product lines, such as electronics/semiconductors, have demonstrated cyclicality, experiencing periods of both strong growth and weaker demand.
2. Foreign Currency Exchange Rate Fluctuations: A substantial portion of Nordson's revenue, approximately 60%, comes from international sales. Consequently, the company is exposed to market risk arising from movements in currency exchange rates, which can positively or negatively impact financial results.
3. Acquisition and Divestiture Integration Risks: Nordson actively pursues acquisitions as part of its growth strategy. The company's ability to successfully integrate acquired businesses and, conversely, to effectively divest or dispose of businesses that no longer align with its strategic plan, poses a significant risk. Unsuccessful integration can hinder anticipated synergies and financial performance.

Nordson Corporation (NDSN) participates in several global markets through its main product segments, including industrial precision solutions, medical and fluid solutions, and advanced technology solutions. The addressable markets for some of Nordson's key products and services are as follows:

• Adhesive Dispensing Systems: The global adhesive dispensing system market was valued at approximately USD 37.55 billion in 2025 and is projected to grow to USD 47.27 billion by 2030, at a compound annual growth rate (CAGR) of 5.23%.
• Industrial Dispensing Systems and Equipment: The global industrial dispensing system and equipment market was valued at $14.08 billion in 2022, with an expected increase to $15.28 billion in 2023, and a projection to reach $20.27 billion by 2027, growing at a CAGR of 7.3%. Another report indicates the global dispensing system market is projected to grow from USD 56.5 billion in 2025 to USD 108.1 billion by 2035, at a CAGR of 6.7%.
• Industrial Coatings: The global industrial coatings market was valued at USD 112.04 billion in 2024 and is projected to reach USD 142.35 billion by 2030, with a CAGR of 4.12% from 2025 to 2030.
• Coating Equipment: The global coating equipment market was valued at $18.38 billion in 2021, grew to $20.23 billion in 2022, and is expected to reach $26.05 billion in 2026, growing at a CAGR of 6.5%.

For Nordson's Medical and Fluid Solutions segment, while the company develops various therapeutic devices, including catheters, cannulae, and fluid management systems, a comprehensive addressable market size for this entire segment beyond its contribution to the broader dispensing systems market was not readily available in the search results.

Nordson Corporation (NDSN) is anticipated to drive future revenue growth over the next two to three years through several key strategies and market dynamics:

1. Strategic Acquisitions and Integration: Acquisitions, such as the Atrion business, are expected to continue contributing significantly to Nordson's revenue growth. The Atrion acquisition, closed in August 2024, delivered $53 million in revenue in the first quarter of fiscal year 2025 and accounted for 8% of total sales growth in the third quarter of fiscal year 2025. Management has expressed satisfaction with Atrion's integration, noting its positive impact on adjusted earnings per share. The company also maintains a healthy merger and acquisition pipeline, indicating that strategic inorganic growth will remain a focus.
2. Growth in Advanced Technology Solutions (ATS) and Semiconductor/Electronics Markets: The Advanced Technology Solutions (ATS) segment is a strong driver, demonstrating double-digit organic sales growth for two consecutive quarters in fiscal year 2025. This growth is primarily fueled by increasing demand in electronics and semiconductor end-markets, including semiconductor packaging and electronics assembly, driven by advancements in AI, cloud computing, and advanced consumer devices.
3. New Product Development and Innovation: Nordson emphasizes technology and innovation as crucial for its success, with CEO Sundaram Nagarajan stating, "Nordson wins with technology. New products are essential." The company's "NBS Next growth framework" is designed to ensure that new products are a consistent source of organic growth and a competitive advantage. Strategic initiatives focused on product innovations are expected to contribute to future revenue expansion.
4. Recovery and Streamlining of Medical and Industrial Segments: Nordson anticipates a return to normal growth in its medical segment by fiscal year 2026, following challenges such as destocking trends in medical interventional product lines observed in fiscal year 2024 and early fiscal year 2025. Similarly, improvement is expected in the Industrial Precision Solutions (IPS) segment by fiscal year 2026. Furthermore, the planned divestiture of its medical contract manufacturing business is set to streamline operations and allow for a greater focus on higher-value proprietary medical components, which is expected to enhance the growth profile of the remaining medical business.

Share Repurchases

• Nordson's Board of Directors authorized an additional $500 million for its share repurchase program on September 6, 2022, increasing the total capacity to $660 million.
• On August 20, 2025, a new $500 million share repurchase authorization was approved, bringing the total available authorization to approximately $793 million.
• Year-to-date as of the third quarter of fiscal year 2025, the company repurchased $212 million in shares.

Outbound Investments

• On November 3, 2022, Nordson completed the acquisition of CyberOptics Corporation, aiming to expand its product offerings in the semiconductor and electronics industries.
• In 2023, Nordson acquired Arag Srl for $960 million, a global leader in precision control systems and smart fluid components for agricultural spraying.
• Nordson completed the acquisition of Atrion in August 2024, further shifting its focus towards high-growth sectors like medical devices.

Capital Expenditures

• Capital expenditures were approximately $49.7 million in fiscal year 2024, $38.1 million in fiscal year 2023, and $51.2 million in fiscal year 2022.
• Projected capital expenditures are $55 million for fiscal year 2025 and are expected to remain around 2% of revenue through fiscal year 2029.