Nordson to Take $7M Restructuring Charge
Published: 10 September 2008
by Mike Buetow
WESTLAKE, OH – Nordson Corp. will take a $7 million charge for severance and other job-cutting costs for its fiscal fourth quarter ending Oct. 31.
Nordson, the parent company of Asymtek, EFD, Dage and YesTech among others, will take an additional $13 million charge in fiscal 2009 as it reduces head count in North America and Europe.
The cuts, which will include retirements and attrition, are expected to save the company about $30 million annually. Nordson also plans changes to streamline its marketing and sales organizations.
In a statement, chairman, president and CEO Ed Campbell said, "In making these changes now, we are being proactive at a time when Nordson is performing well."
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