WESTLAKE, Ohio—Directors of Nordson Corp. authorized the repurchase of up to an additional $200 million of the company's common shares.
The new authorization, announced Aug. 26, adds capacity to the board's December 2014 authorization to repurchase $300 million of shares. About $147 million of that amount remained available for repurchases at the quarter ended July 31.
“The board's action reflects continued confidence in the long-term strength of our company and our ongoing commitment to creating shareholder value,” Michael F. Hilton, Nordson's president and CEO, said in a statement.
“Nordson continues to generate strong cash flow which enables us to be disciplined yet opportunistic in repurchasing shares while also making investments to fund long term organic and acquisitive growth opportunities and continuous improvement initiatives.”
Expected uses for repurchased shares include funding benefit programs including stock options, restricted stock and 401(k) matching, the company said in a news release.
Nordson makes products used for the precision dispensing of adhesives, coatings, sealants, biomaterials, polymers, plastics and other materials.