Nordson
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#1215
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โ‚ฌ16.50 B
Marketcap
296,28ย โ‚ฌ
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Nordson Corporation is an American company that manufactures precision equipment for the application of adhesives, sealants and coatings.
Text size:
1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K

(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
--- EXCHANGE ACT OF 1934
for the fiscal year ended October 31, 1999
------------------
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
--- EXCHANGE ACT OF 1934
for the transition period from __________ to ____________

Commission file number 0-7977
---------

NORDSON CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)

Ohio 34-0590250
- ------------------------ ------------------------------------
(State of incorporation) (I.R.S. Employer Identification No.)

28601 Clemens Road, Westlake, Ohio 44145 (440) 892-1580
- ---------------------------------------- ---------- ------------------
(Address of principal executive offices) (Zip Code) (Telephone Number)

Securities registered pursuant to Section 12(b) of the Act:

None
----

Securities registered pursuant to Section 12(g) of the Act:
Common Shares with no par value
-------------------------------

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
--- ---

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. X
---

State the aggregate market value of the voting stock held by nonaffiliates of
the Registrant. The aggregate market value shall be computed by reference to the
price at which the stock was sold, or the average bid and asked prices of such
stock, as of a specified date within 60 days prior to the date of filing.
$621,837,000 as of December 31, 1999
- ------------------------------------

Indicate the number of shares outstanding of each of the Registrant's classes of
common stock, as of the latest practicable date.
16,325,784 Common Shares as of December 31, 1999
- ------------------------------------------------


Documents incorporated by reference: list the following documents if
incorporated by reference and the part of the Form 10-K into which the document
is incorporated: (1) any annual report to security holders; (2) any proxy or
information statement; and (3) any prospectus filed pursuant to Rule 424(b) or
(c) under the Securities Act of 1933.

Portions of the 1999 Annual Report - Parts I, II and IV
-------------------------------------------------------
Portions of the Proxy Statement for the 2000 Annual Meeting - Part III
----------------------------------------------------------------------
2


PART I
------

Item 1. Business.
- ------- ---------

GENERAL DEVELOPMENT OF BUSINESS
-------------------------------


General Description of Business
- -------------------------------

Founded in 1954, Nordson Corporation (the Company) designs,
manufactures and markets automated systems that apply adhesives, sealants and
coatings to a broad range of consumer and industrial products during
manufacturing operations, helping customers meet quality, productivity and
environmental targets. The Company also manufactures technology-based systems
for curing and surface treatment processes.

Nordson products are used in a diverse range of end markets including:
food and beverage, pharmaceuticals, electronic components, appliances,
disposable nonwoven products, telecommunications, home and office furniture and
automotive assembly.

The Company's consistent growth is based on a customer-driven strategy
that is global in scope. Headquartered in Westlake, Ohio, Nordson markets its
products through a network of direct operations in 32 countries throughout North
America, Europe, Japan, Asia, Latin America and Australia. Consistent with this
strategy, more than 50 percent of the Company's revenues are generated outside
the United States.

Nordson has more than 4,000 employees worldwide and has principal
manufacturing facilities in Ohio, Georgia, Alabama, California, Connecticut, New
Jersey, Florida, Germany, The Netherlands, and the United Kingdom.

Corporate Purpose and Goals
- ---------------------------

Nordson Corporation strives to be a vital, self-renewing, worldwide
organization which, within the framework of ethical behavior and enlightened
citizenship, grows and produces wealth for its customers, employees,
shareholders, and communities.

Nordson operates for the purpose of creating balanced, long-term
benefits for all of our constituencies: customers, employees, shareholders and
communities.

Our corporate goal for growth is to double the value of the Company
over a five-year period, with the primary measure of value set by the market for
Company shares.

While external factors may impact value, the achievement of this goal
will rest with earnings growth, capital and human resource efficiency, and
positioning for the future.

Nordson does not expect every quarter to produce increased sales,
earnings and earnings per share, or to exceed the comparative prior year's
quarter. We do expect to produce long-term gains. When short-term swings occur,
we do not intend to alter our basic objectives in efforts to mitigate the impact
of these natural occurrences.



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Growth is achieved by seizing opportunities with existing products and
markets, investing in systems to maximize productivity, and pursuing growth
markets. This strategy is augmented through product line additions, engineering,
research and development, and acquisition of companies that can serve
multinational industrial markets.

We create benefits for our customers through a Package of Values(TM),
which includes carefully engineered, durable products; strong service support;
the backing of a well-established worldwide company with financial and technical
strengths; and a corporate commitment to deliver what was promised.

We strive to provide genuine customer satisfaction; it is the
foundation upon which we continue to build our business.

Complementing our business strategy is the objective to provide
opportunities for employee self-fulfillment, growth, security, recognition and
equitable compensation.

This goal is met through employee training and the creation of
on-the-job growth opportunities. The result is a highly qualified and
professional management team capable of meeting corporate objectives.

We recognize the value of employee participation in the planning
process. Strategic and operating plans are developed by all business units and
divisions, resulting in a sense of ownership and commitment on the part of
employees in accomplishing company objectives.

Nordson Corporation is an equal opportunity employer.

Nordson is committed to contributing an average of 5 percent of
domestic pretax earnings to human services, health, education and other
charitable activities, particularly in communities where the Company has major
facilities.



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FINANCIAL INFORMATION ABOUT OPERATING SEGMENT,
----------------------------------------------
FOREIGN AND DOMESTIC OPERATIONS, AND EXPORT SALES
-------------------------------------------------

In accordance with Statement of Financial Accounting Standards No. 131,
"Disclosure about Segments of an Enterprise and Related Information", Nordson
has reported information about the Company's four geographic operating segments.
This information is contained in Note 16 (pages 39-40) of the 1999 Annual
Report, incorporated herein by reference thereto.

NARRATIVE DESCRIPTION OF BUSINESS
---------------------------------

Principal Products and Uses
- ---------------------------

Nordson offers a full range of equipment that moves and dispenses
liquid and powder coatings, adhesives and sealants and many high-performance
compounds. Nordson also produces technology-based systems for curing and surface
treatment processes. Equipment ranges from manual, stand-alone units for
low-volume operations to microprocessor-based automated systems for high-speed,
high-volume production lines.

A summary of the Company's various products and examples of their uses
are as follows:

Adhesive Dispensing and Nonwoven Fiber Systems
- ----------------------------------------------

Packaging - Automated adhesive dispensing systems for sealing
corrugated cases and paperboard cartons, applying product labels, and
stabilizing pallets.

Product Assembly - Adhesive and sealant dispensing systems for
bonding or sealing plastic, metal and wood products.

Converting - Coating and laminating systems used to
manufacture continuous-roll goods in the nonwovens, textile, paper and flexible
packaging industries.

Nonwovens - Automated equipment for producing synthetic
nonwoven fabrics and applying adhesives, superabsorbent powders, liquids, and
fibers to disposable nonwoven products.

Automotive - Adhesive and sealant dispensing systems for
bonding and sealing window glass, body panels and structural components used in
automobiles.


Coating and Finishing Systems
- -----------------------------

Powder Coating - Electrostatic spray systems for applying
powder paints and coatings to plastic, metal and wood products.

Liquid Finishing - Automated and manual spray systems for
applying liquid paints and coatings to plastic, metal and wood products.



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Container - Automated systems for dispensing and curing liquid
and powder coatings that are used in the manufacturing of metal, plastic and
other containers.

Advanced Technology Systems
- ---------------------------

Electronics - Automated dispensing equipment for applying a
broad range of fluids including adhesives, epoxies and soldering pastes to
assemble semiconductor packages and printed circuit board assemblies. Automated
systems for applying protective conformal coatings, solder fluxes and adhesive
materials to printed circuit boards and electronic assemblies.

UV Curing - Ultraviolet and infrared automated drying and
curing systems for graphic arts, finishing and product assembly operations.

Gas Plasma Treatment - Automated systems that use gas plasma
technology to modify surfaces and clean components during manufacturing
processes in the medical, electronics and printed circuit board industries.

Nordson markets its products in the United States and fifty-six other countries,
primarily through a direct sales force and also through qualified distributors.
Nordson has built a worldwide reputation for its creativity and expertise in the
design and engineering of high-technology application equipment which meets the
specific needs of its customers.


Manufacturing and Raw Materials
- -------------------------------

Nordson's production operations include machining and assembly. The
Company finishes specially designed parts and assembles components into finished
equipment. Many components are made in standard modules that can be used in more
than one product or in combination with other components for a variety of
models. The Company has principal manufacturing operations in Amherst, and
Elyria, Ohio; Norcross and Dawsonville, Georgia; Talladega, Alabama; Carlsbad,
Concord and Monterey, California; Branford, Connecticut; St. Petersburg,
Florida; Fairfield and Phillipsburg, New Jersey; Luneburg, Germany; Maastricht,
The Netherlands; and Slough, U.K.

Principal materials used to make Nordson products are metals and
plastics, typically in sheets, bar stock, castings, forgings, and tubing.
Nordson also purchases many electrical and electronic components, fabricated
metal parts, high-pressure fluid hoses, packings, seals and other items integral
to its products. Suppliers are competitively selected based on cost and quality.
Virtually all raw materials Nordson uses are available through multiple sources.



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An extensive quality control program for Nordson equipment, machinery
and systems is supervised by Nordson's vice president of manufacturing.

Natural gas and other fuels are primary energy sources for Nordson.
However, standby capacity for alternative sources is available if needed.

Patents and Trademarks
- ----------------------

The Company maintains procedures to protect patents and trademarks both
domestically and internationally. However, Nordson's business is not materially
dependent upon any one or more of the patents, or on patent protection in
general.

Seasonal Variation in Business
- ------------------------------

There is no significant seasonal variation in the Company's business.

Working Capital Practices
- -------------------------

No special or unusual practices affect Nordson's working capital.
However, the Company generally requires substantial advance payments as deposits
on customized equipment and systems and, in certain cases, requires progress
payments during the manufacturing of these products. The Company maintains a
relatively high investment in inventory to ensure products are available to
customers when ordered. This investment reflects Nordson's commitment to
customer service, part of its Package of Values (TM).

Customers
- ---------

The Company serves a broad customer base, both in terms of industries
and geographic regions. The loss of a single or few customers would not have a
material adverse effect on the Company's business. In 1999, no single customer
accounted for 5 percent or more of sales.

Backlog
- -------

The Company's backlog of orders decreased to $60.2 million at October
31, 1999 from $79.3 million at November 1, 1998. All orders in the November 1999
backlog are expected to be shipped to customers in fiscal 2000.

Government Contracts
- --------------------

Nordson's business neither includes nor depends upon a significant
amount of governmental contracts or sub-contracts. Therefore, no material part
of the Company's business is subject to renegotiation or termination at the
option of the government.



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Competitive Conditions
- ----------------------

Nordson equipment is sold in competition with a wide variety of
alternative bonding, sealing, caulking, finishing and coating techniques. Any
production process that requires the application of material to a substrate or
surface is a potential use for Nordson equipment.

Nordson enjoys a leadership position in the competitive industrial
application systems business by delivering high-quality, innovative products and
technologies, as well as after-the-sale service and technical support. Working
with customers to understand their processes and developing the application
solutions that help them meet their production requirements also contributes to
Nordson's leadership position. Nordson products help customers improve
productivity, reduce raw material and energy consumption, lower maintenance
costs, improve environmental conditions, and produce better performing finished
products. Nordson's worldwide network of direct sales and technical resources
also is a competitive advantage.

Risk factors associated with Nordson's competitive position include the
development and commercial acceptance of alternative processes or materials and
the growth of local competitors serving specific markets.

Research and Development
- ------------------------

Investments in research and development are important to Nordson's
long-term growth because they enable the Company to keep pace with changing
customer and marketplace needs, and they help to sustain sales improvements year
after year. The Company places strong emphasis on technology developments and
improvements through its internal engineering and research teams. Research and
development expenses were approximately $29,672,000 in fiscal 1999, compared
with approximately $42,640,000 in fiscal 1998 and $29,812,000 in fiscal 1997.
The 1998 amount includes $14,300,000 of acquired research and development. As a
percentage of sales, excluding acquired research and development costs, these
investments ranged between 4 to 5 percent in fiscal 1999, 1998 and 1997.

Environmental Compliance
- ------------------------

Compliance with federal, state and local environmental protection laws
during fiscal 1999 had no material effect on the Company's capital expenditures,
earnings, or competitive position. The Company also does not anticipate a
material effect in 2000.

Employees
- ---------

As of October 31, 1999, Nordson had 4,154 employees, including all
full-time and part-time employees.



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8


Item 2. Properties.
- ------- -----------

The following table summarizes the principal properties of the
Company.

<TABLE>
<CAPTION>
Description Approximate
Location of Property Square Feet
- -------- ----------- -----------

<S> <C> <C>
Amherst, Ohio A manufacturing, laboratory 585,000
and office complex located
on 52 acres of land

Norcross, Georgia A manufacturing, laboratory 150,000
and office building located
on 10 acres of land


Duluth, Georgia An office and laboratory 108,000
building (leased)

Carlsbad, Two manufacturing and office 88,000
California buildings (leased)

Dawsonville, A manufacturing, laboratory 80,000
Georgia and office building (leased)


Westlake, Ohio An office and laboratory 68,000
building located on 25 acres
of land

Branford, A manufacturing and office 47,000
Connecticut building (leased)

Monterey, A manufacturing, laboratory 63,000
California and office building (leased)

Concord, A manufacturing and office 28,000
California building (leased)

Talladega, A manufacturing and office 27,000
Alabama building (leased)

St. Petersburg, A manufacturing and office 26,000
Florida building (leased)

Elyria, Ohio A manufacturing and warehouse 19,000
building

Luneburg, A manufacturing, laboratory 130,000
Germany and office complex

Erkrath, An office, laboratory and 63,000
Germany warehouse (leased)
</TABLE>



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<TABLE>
<CAPTION>
Description Approximate
Location of Property Square Feet
- -------- ----------- -----------

<S> <C> <C>
Maastricht, The A manufacturing, warehouse 59,000
Netherlands and office building (leased)

St. Thibault Des An office building (leased) 45,000
Vignes, France

Tokyo, Japan An office, laboratory and 42,000
warehouse (leased)

Milano, Italy An office, laboratory and 41,000
warehouse (leased)

Stockport, U.K. An office, laboratory and 31,000
warehouse (leased)

Slough, U.K. A manufacturing and office 25,000
building (leased)

Albertslund, An office and warehouse 18,000
Denmark building

Bangalore, An office and warehouse 16,000
India building

Xirivella, An office and warehouse 16,000
Spain building

Stenungsund, A manufacturing and office 15,000
Sweden building
</TABLE>

Several of these properties are pledged as security for
industrial revenue bonds and mortgage notes payable.

For a description of operating segments which correspond to the
geographic location of the properties listed above, refer to Note 16 of Notes to
Consolidated Financial Statements on page 39 of the 1999 Annual Report,
incorporated herein by reference thereto.

Other properties at international subsidiary locations and at
branch locations within the United States are leased. Lease terms do not exceed
25 years and generally contain a provision for cancellation with some penalty at
an earlier date.

In addition, the Company leases equipment under various
operating and capitalized leases. Information about leases is reported in Note 8
of Notes to Consolidated Financial Statements on page 34 of the 1999 Annual
Report, incorporated herein by reference thereto.

Item 3. Legal Proceedings.
- ------- -----------------

The Company is involved in legal proceedings incidental to its
business, none of which is material to the results of operations in the opinion
of management.

Item 4. Submission of Matters to a Vote of Security Holders.
- ------- ----------------------------------------------------

None.



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Executive Officers of the Company.
- ----------------------------------

The executive officers of the Company as of December 31, 1999 were as
follows:

Served Position or Office With
As The Company and Business
Officer Experience During the Past
Name Since Five (5) Year Period
- ---------------------- ------ --------------------------

Edward P. Campbell 1988 President and Chief Executive
Age 50 Officer, 1997.
President and Chief Operating
Officer, 1996.
Executive Vice President and Chief
Operating Officer, 1994.
Vice President, 1988.

Donald J. McLane 1986 Senior Vice President, 1999.
Age 56 Vice President, 1986.

Drexel R. Bunch 1986 Vice President, Manufacturing, 1986.
Age 55

Raymond L. Cushing 1995 Treasurer, 1995.
Age 45 Assistant Treasurer, 1990.

Robert A. Dunn, Jr. 1997 Vice President, 1997.
Age 52 General Manager-Automotive Systems,
1987.

Bruce H. Fields 1992 Vice President, Human Resources, 1992.
Age 48

Mark G. Gacka 1998 Vice President, 1998.
Age 45 Vice President, Container Systems Group/
General Manager, Electronics Business
Group, 1992.

William D. Ginn 1966 Secretary, 1966.
Age 76

Michael Groos 1995 Vice President, 1995.
Age 48 General Manager, Central Region,
European Division, 1990.

Dr. Richard G. Klein 1986 Vice President, Corporate Research
Age 57 & Technology, 1986.

Nicholas D. Pellecchia 1986 Vice President, Finance and
Age 54 Controller, 1986.




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PART II
-------


Item 5. Market for the Company's Common Equity and Related Stockholder Matters.
- ------- -----------------------------------------------------------------------

Market Information and Dividends.
- ---------------------------------

The Company's common shares are listed on The Nasdaq Stock
Market's National Market. The information appearing under the captions "Dividend
Information and Price Range Per Common Shares" and "Stock Listing Information"
on page 46 of the 1999 Annual Report is incorporated herein by reference
thereto.

Holders.
- --------

The approximate number of holders of record of each class of
equity securities of the Company as of December 31, 1999 was as follows:

Number of
Title of Class Record Holders
-------------- --------------

Common shares with no 2,675
par value


Item 6. Selected Financial Data.
- ------- ------------------------

The Company incorporates herein by reference the information as
to each of the Company's last five fiscal years appearing under the caption
"Eleven-Year Summary" on pages 42 and 43 of the 1999 Annual Report.

Item 7. Management's Discussion and Analysis of Financial Condition and
- ------- ---------------------------------------------------------------
Results of Operations.
----------------------

The Company incorporates herein by reference the information
appearing under the caption "Management's Discussion and Analysis" on pages 20
through 24 of the 1999 Annual Report.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk.
- -------- -----------------------------------------------------------

The Company incorporates herein by reference the information
appearing under the caption "Management's Discussion and Analysis" on pages 20
through 24 of the 1999 Annual Report and Note 11 on page 36 of the 1999 Annual
Report.

Item 8. Financial Statements and Supplementary Data.
- ------- --------------------------------------------

The information required by this item appears on pages 25
through 41 of the 1999 Annual Report, incorporated herein by reference thereto.

Item 9. Changes In and Disagreements With Accountants on Accounting and
- ------- ---------------------------------------------------------------
Financial Disclosure.
---------------------

None.


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PART III
--------


Item 10. Directors and Executive Officers of the Company.
- -------- ------------------------------------------------

The Company incorporates herein by reference the information
appearing under the caption "Election of Directors" on pages 2 through 5 of the
Company's definitive Proxy Statement to be filed with the Securities and
Exchange Commission by January 28, 2000.

Executive officers of the Company serve for a term of one year
from date of election to the next organizational meeting of the Board of
Directors and until their respective successors are elected and qualified,
except in the case of death, resignation or removal. Information concerning
executive officers of the Company is contained in Part I of this report under
the caption "Executive Officers of the Company."


Item 11. Executive Compensation.
- -------- -----------------------

The Company incorporates herein by reference the information
appearing under the caption "Compensation of Directors" located on page 7, and
information pertaining to compensation of officers located on pages 11 through
24 of the Company's definitive Proxy Statement to be filed with the Securities
and Exchange Commission by January 28, 2000.


Item 12. Security Ownership of Certain Beneficial Owners and Management.
- -------- ---------------------------------------------------------------

The Company incorporates herein by reference the information
appearing under the caption "Ownership of Nordson Common Shares" on pages 8
through 10 of the Company's definitive Proxy Statement to be filed with the
Securities and Exchange Commission by January 28, 2000.


Item 13. Certain Relationships and Related Transactions.
- -------- -----------------------------------------------

The Company incorporates herein by reference the information
appearing under the caption "Agreements with Officers and Directors" on pages 26
through 28 of the Company's definitive Proxy Statement to be filed with the
Securities and Exchange Commission by January 28, 2000.

William D. Ginn, a director and Secretary of the Company, is Of
Counsel to Thompson Hine & Flory LLP, a law firm which has in the past provided
and continues to provide legal services to the Company.

Messrs. Eric T. Nord and Evan W. Nord, directors of the Company,
are brothers.




12
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PART IV
-------


Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K.
- -------- ----------------------------------------------------------------

(a)(1). Financial Statements.
--------------------

The financial statements listed in the accompanying index to
financial statements are filed as part of this Annual Report on Form 10-K.

(a)(2) and (d). Financial Statement Schedules.
-----------------------------

No consolidated financial statement schedules are presented
because the schedules are not required, because the required information is not
present or not present in amounts sufficient to require submission of the
schedule, or because the information required is included in the financial
statements, including the notes thereto.

(a)(3) and (c). Exhibits.
--------

The exhibits listed on the accompanying index to exhibits are
filed as part of this Annual Report on Form 10-K.

(b). Reports on Form 8-K.
-------------------

None.


SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.



NORDSON CORPORATION




Date: January 28, 2000 By: /s/ Nicholas D. Pellecchia
-------------------------------
Nicholas D. Pellecchia
Vice President, Finance
and Controller





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14


Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on behalf of
the Registrant and in the capacities and on the dates indicated.


/s/ William P. Madar January 28, 2000
- ----------------------------
William P. Madar
Director and Chairman of the Board


/s/ Edward P. Campbell January 28, 2000
- ---------------------------
Edward P. Campbell
Director, President and Chief Executive Officer
(Principal Executive Officer)


/s/ Nicholas D. Pellecchia January 28, 2000
- ----------------------------
Nicholas D. Pellecchia
Vice President,Finance and Controller
(Principal Accounting Officer and
Principal Financial Officer)


/s/ William D. Ginn January 28, 2000
- ----------------------------
William D. Ginn
Director and Secretary


/s/ Dr. Glenn R. Brown January 28, 2000
- ----------------------------
Dr. Glenn R. Brown
Director


/s/ William W. Colville January 28, 2000
- ----------------------------
William W. Colville
Director


/s/ Stephen R. Hardis January 28, 2000
- ----------------------------
Stephen R. Hardis
Director


/s/ Dr. Anne O. Krueger January 28, 2000
- ----------------------------
Dr. Anne O. Krueger
Director


/s/ Eric T. Nord January 28, 2000
- ----------------------------
Eric T. Nord
Director



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15


/s/ Evan W. Nord January 28, 2000
- ----------------------------
Evan W. Nord
Director


/s/ William L. Robinson January 28, 2000
- ----------------------------
William L. Robinson
Director

/s/ Benedict P. Rosen January 28, 2000
- ----------------------------
Benedict P. Rosen
Director




15
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NORDSON CORPORATION


ANNUAL REPORT ON FORM 10-K


ITEM 14(a)(1) and (3), and (c)


INDEX TO FINANCIAL STATEMENTS


INDEX TO EXHIBITS


CERTAIN EXHIBITS


FISCAL YEAR ENDED OCTOBER 31, 1999




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NORDSON CORPORATION

INDEX TO FINANCIAL STATEMENTS

(Item 14(a)(1))




Page Reference
--------------



Data incorporated by reference from
the 1999 Annual Report:
Consolidated statement of income for
the years ended October 31, 1999,
November 1, 1998 and November 2, 1997 25
Consolidated balance sheet as of
October 31, 1999 and November 1, 1998 26
Consolidated statement of cash flows
for the years ended October 31, 1999,
November 1, 1998 and November 2, 1997 27
Consolidated statement of shareholders'
equity for the years ended October 31,
1999, November 1, 1998 and November 2,
1997 28
Notes to consolidated financial statements 29-41
Report of independent auditors 41



The consolidated financial statements of the Registrant listed
in the preceding index, which are included in the 1999 Annual Report, are
incorporated herein by reference. With the exception of the pages listed in the
above index and information incorporated by reference elsewhere herein, the 1999
Annual Report is not to be deemed filed as part of this report.



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NORDSON CORPORATION

INDEX TO EXHIBITS

(Item 14(a)(3))

Exhibit
Number Description
- ------ -----------

(3) Articles of Incorporation and By-Laws

3-a 1989 Amended Articles of Incorporation

3-b 1998 Amended Regulations
(incorporated herein by reference to Exhibit
3-b to Registrant's Annual Report on Form 10-K
for the year ended November 1, 1998)

(4) Instruments Defining the Rights of Security
Holders, including indentures

4-a Instruments related to Industrial Revenue Bonds
(These instruments are not being filed as
exhibits to this Annual Report on Form 10-K. The
Registrant agrees to furnish a copy of such
instruments to the Commission upon request.)

4-b Restated Rights Agreement between Nordson
Corporation and National City Bank, Rights Agent
(incorporated herein by reference to Exhibit 1
to Registrant's registration of rights to
purchase common shares on Form 8-A/Amendment No.
1 filed December 8, 1997)

(10) Material Contracts

10-a Nordson Corporation 1995 Management Incentive
Compensation Plan as Amended (incorporated
herein by reference to Exhibit 10-a to
Registrant's Annual Report on Form 10-K for the
year ended November 2, 1997)*

10-a-1 Nordson Corporation 1995 Management Incentive
Compensation Plan - Exhibit 1 for 1998 Plan Year
(incorporated herein by reference to Exhibit
10-a-1 to Registrant's Annual Report on Form
10-K for the year ended November 2, 1997)*

10-b 1979 Employees Stock Option Plan of the Registrant,
as amended October 27, 1980*

10-b-1 Amendment to 1979 Employees Stock Option Plan of
the Registrant, adopted April 20, 1982*

18
19

NORDSON CORPORATION

INDEX TO EXHIBITS

(Item 14(a)(3))

Exhibit
Number Description
- ------ -----------

10-b-2 Amendments to 1979 Employee Stock Option Plan of
the Registrant, adopted October 27, 1988
(incorporated herein by reference to Exhibit
10-b-2 to Registrant's Annual Report on Form
10-K for the year ended November 1, 1998)*

10-c 1982 Incentive Stock Option Plan of the
Registrant, as adopted January 18, 1982*

10-c-1 Amendment to 1982 Incentive Stock Option Plan
of the Registrant, adopted April 20, 1982*

10-c-2 Amendments to the 1982 Incentive Stock Option
Plan of the Registrant, adopted January 30, 1987
(incorporated herein by reference to Exhibit
10-c-2 to Registrant's Annual Report on Form
10-K for the year ended November 2, 1997)*

10-c-3 Amendment to 1982 Incentive Stock Option Plan of
the Registrant, adopted October 27, 1988
(incorporated herein by reference to Exhibit
10-c-3 to Registrant's Annual Report on Form
10-K for the year ended November 1, 1998)*

10-e Board of Directors Deferred Compensation Plan, as
amended October 27, 1988*

10-f Employment Agreement between the Registrant and
John E. Jackson (incorporated herein by
reference to Exhibit 10-f to Registrant's Annual
Report on Form 10-K for the year ended November
3, 1996)*

10-g Indemnity Agreement (incorporated herein by
reference to Exhibit 10-g to Registrant's Annual
Report on Form 10-K for the year ended November
3, 1996)*

10-h Restated Nordson Corporation Excess Defined
Contribution Retirement Plan (incorporated
herein by Reference to Exhibit 10-h to
Registrant's Annual Report Form 10-K for the
year ended November 2, 1997)*

10-h-1 First Amendment to Nordson Corporation Excess
Defined Contribution Retirement Plan
(incorporated herein by reference to Exhibit
10-h-1 to Registrant's Annual Report on Form
10-K for the year ended October 29, 1995)*




19
20


NORDSON CORPORATION

INDEX TO EXHIBITS

(Item 14(a)(3))

Exhibit
Number Description
- ------ -----------

10-i Nordson Corporation Excess Defined Benefit
Pension Plan (incorporated herein by reference
to Exhibit 10-i to Registrant's Annual Report on
Form 10-K for the year ended November 2, 1997)*

10-i-1 First Amendment to Nordson Corporation Excess
Defined Benefit Pension Plan (incorporated
herein by reference to Exhibit 10-i-1 to
Registrant's Annual Report on Form 10-K for the
year ended October 29, 1995)*

10-i-2 Second Amendment to Nordson Corporation Excess
Defined Benefit Retirement Plan (incorporated
herein by reference to Exhibit 10-i-2 to
Registrant's Annual Report on Form 10-K for the
year ended October 29, 1995)*

10-j Nordson Corporation Officers' Deferred
Compensation Plan (incorporated herein by
reference to Exhibit 10-j to Registrant's Annual
Report on Form 10-K for the year ended November
2, 1997)*

10-k Employment Agreement between the Registrant and
Edward P. Campbell (incorporated herein by
reference to Exhibit 10-k to Registrant's Annual
Report on Form 10-K for the year ended November
1, 1998)*

10-l 1989 Stock Option Plan, as amended December 20,
1991 (incorporated herein by reference to
Exhibit 10-l to Registrant's Annual Report on
Form 10-K for the year ended November 3, 1996)*

10-m Nordson Corporation 1992 Restricted Stock Plan
(incorporated herein by reference to Exhibit
10-m to Registrant's Annual Report on Form 10-K
for the year ended November 2, 1997)*

10-n Nordson Corporation 1993 Long-Term Performance
Plan (incorporated herein by reference to
Exhibit 10-n to Registrant's Annual Report on
Form 10-K for the year ended November 2, 1997)*

10-o 1988 Amended and Restated Stock Appreciation
Rights Plan (incorporated herein by reference to
Exhibit 10-o to Registrant's Annual Report on
Form 10-K for the year ended October 29, 1995)*




20
21


NORDSON CORPORATION

INDEX TO EXHIBITS

(Item 14(a)(3))

Exhibit
Number Description
- ------ -----------

10-p Consulting Agreement between the Registrant and
William P. Madar (incorporated herein by
reference to Exhibit 10-p to Registrant's Annual
Report on Form 10-K for the year ended November
2, 1997)

10-q Nordson Corporation Assurance Trust Agreement
(incorporated herein by reference to Exhibit
10-q to Registrant's Annual Report on Form 10-K
for the year ended November 1, 1998)

10-q-1 Employment Agreement (Change in Control) between
the Registrant and Edward P. Campbell
(incorporated herein by reference to Exhibit
10-q-1 to Registrant's Annual Report on Form
10-K for the year ended November 1, 1998)*

10-q-2 Form of Employment Agreement (Change in Control)
between the Registrant and Officers - excluding
Edward P. Campbell - (incorporated herein by
reference to Exhibit 10-q-2 to Registrant's
Annual Report on Form 10-K for the year ended
November 1, 1998)*

10-r Separation Agreement between the Registrant and
Christian C. Bernadotte*

10-s Separation Agreement between the Registrant and
John E. Jackson*

10-t Separation Agreement between the Registrant and
Thomas L. Moorhead*

(13) Selected portions of the 1999 Annual Report

13-a Management's Discussion and Analysis (pages 20
through 24 of the 1999 Annual Report)

13-b Consolidated Statement of Income (page 25
of the 1999 Annual Report)

13-c Consolidated Balance Sheet (page 26 of the
1999 Annual Report)

13-d Consolidated Statement of Cash Flows (page 27
of the 1999 Annual Report)




21
22


NORDSON CORPORATION

INDEX TO EXHIBITS

(Item 14(a)(3))
Exhibit
Number Description
- ------ -----------

13-e Consolidated Statement of Shareholders'
Equity (page 28 of the 1999 Annual Report)

13-f Notes to Consolidated Financial Statements
(pages 29 through 41 of the 1999 Annual Report)

13-g Report of Independent Auditors (page 41 of
the 1999 Annual Report)

13-h Eleven-Year Summary (pages 42 and 43 of the
1999 Annual Report)

13-i Shareholder Information (page 46 of the 1999
Annual Report)

(21) Subsidiaries of the Registrant

(23) Consent of Independent Auditors

(27) Financial Data Schedules

27-a Period Ending October 31, 1999

27-b Period Ending November 1, 1998

27-c Period Ending November 2, 1997

(99) Additional Exhibits

99-a Form S-8 Undertakings (Nos. 33-32201, 2-82915,
33-18279, 33-20451, 33-20452, 33-18309 and
33-33481)

99-b Form S-8 Undertakings (No. 2-66776)

99-c Annual Report on Form 11-K of the Nordson
Employees' Savings Trust Plan for its fiscal
year ended December 31, 1999

99-d Annual Report on Form 11-K of the Nordson
Hourly-Rated Employees' Savings Trust Plan for
its fiscal year ended December 31, 1999




*Indicates management contract or compensatory plan,
contract or arrangement in which one or more
directors and/or executive officers of Nordson
Corporation may be participants.



22