Nordson Corporation makes precision dispensing equipment used to apply adhesives, coatings, sealants and other fluids in manufacturing processes across industries including packaging, electronics, medical devices and industrial products. Its equipment helps manufacturers apply precise amounts of adhesives and coatings during production, technology that's often integrated directly into customers' manufacturing lines and becomes difficult to replace once installed and calibrated for a specific production process. Nordson's diversified end markets, spanning packaging, electronics and medical device manufacturing among others, give the company exposure to a range of different industrial demand drivers rather than depending on any single customer industry. The company's revenue is tied to overall industrial production and manufacturing capital spending, along with the ongoing need for precision dispensing technology across the diverse manufacturing processes its equipment serves.