Nordson buys medical device maker Atrion Corp.

In a deal aimed at expanding its exposure to higher-growth and stable medical end markets, dispensing equipment maker Nordson Corp. has begun a deal to acquire Atrion Corp., a company specializing in medical infusion fluid delivery and niche cardiovascular solutions, for US$800 million.

Allen, Tex.-based Atrion generated about US$169 million in annual revenue in 2023. It was established in 1944 and has three specialized U.S. Food and Drug Administration (FDA)-registered manufacturing facilities in the U.S.

Atrion’s portfolio consists of three businesses that Nordson officials say will “significantly expand” its addressable market in infusion and cardiovascular therapies:

• Halkey Roberts is a leader in infusion fluid delivery solutions, including single-use OEM medical components such as swabable and pressure relief valves.
• Atrion Medical is a leading provider of OEM interventional inflation devices for balloon catheterization, stent deployment and fluid delivery in structural heart, ENT and GI procedures.
• Quest Medical’s highly differentiated myocardial protection devices and single-use consumables deliver real-time precise drug administration during cardiovascular surgery.

Nordson, which is headquartered in Westlake, Ohio, said it expects the transaction to close before the end of its fiscal year 2024.

“Over nearly 15 years, Nordson has built a strong medical portfolio through organic and acquisitive growth,” said Nordson president and CEO Sundaram Nagarajan. “This attractive end market has several long-term secular growth drivers, including aging of the population, increasing healthcare spending and procedures, adopting of minimally-invasive surgical techniques, continuing innovation and medical OEM outsourcing. We have long admired Atrion’s technology portfolio, and today’s announcement represents a step forward in expanding our medical offerings for our customers. Leveraging our NBS Next growth framework and medical business expertise, we see significant operational synergies, while supporting the long-term growth of the business.”