Nordson officials announced that it has reached a deal to pay roughly $800 million to purchase Atrion Corp., a developer of technology for medical infusion fluid delivery.

In order to reflect a price of 15 times Atrion’s 2024 full-year anticipated EBITDA, including synergies Nordson anticipates generating in its first two years of owning Atrion, the agreement includes $460 in cash per share.

“Through both organic and acquisition expansion, Nordson has amassed a solid medical portfolio over the course of over 15 years. The aging of the population, rising healthcare expenditures and procedures, the use of minimally invasive surgical techniques, ongoing innovation and medical OEM outsourcing are some of the long-term secular growth drivers that are driving this desirable end market.”

Sundaram Nagarajan, President and CEO of Nordson, said, “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.”

With three FDA-registered specialized production facilities in the US, Atrion is a maker of medical products. The myocardial protection devices from Quest Medical, the OEM interventional inflation devices for balloon catheterization, stent deployment and fluid supply from Atrion Medical and the infusion fluid delivery components from Halkey Roberts are the three main businesses that Nordson’s portfolio includes.

Before Nordson‘s fiscal year ends in 2024, the acquisition is anticipated to close, pending regulatory and stockholder clearances. Both cash on hand and recently issued debt will be used to finance it.

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