Advanced technology company Nordson Corp. said Tuesday that its board declared a 2-for-1 stock split in the form of a 100 percent stock dividend.
The split will be effective April 12 for all shares outstanding at the close of business March 25, and the Westlake, Ohio, company's share count will double to 68 million from 34 million.
CEO Michael F. Hilton said in a statement the company decided to do the split due to the "continuing strength we see throughout our business worldwide."
Nordson said last week its first-quarter profit rose 72 percent on higher sales. The company earned $45.9 million, or $1.33 per share, in the quarter that ended Jan. 31. That compared with $26.7 million, or 78 cents per share, in the same period a year prior. Revenue rose 23 percent to $271 million from $220.6 million.
Company shares fell $1.89 to $107.02 in afternoon trading.