Loveland company lays off 36 as sales slow

LOVELAND — Nordson Medical Design and Development Inc., which was formerly Value Plastics Inc., has laid off 36 workers as orders for products have declined.

“The Loveland facility has had two years of record sales, and those orders are starting to slow,” said company spokeswoman Lara Mahoney. As a result, the company discontinued its third and weekend shifts, effective Friday.

Mahoney said the company had been working around the clock to keep up with orders but no longer needs to do so. Nordson provided transition assistance, including job-placement services, to the displaced workers, she said.

Laid-off employees would be eligible for rehire, but they would need to reapply if positions become available, she said.

The Loveland facility is called the “fluid management components” division, according to the company website. Nordson has a smaller facility in Louisville, but it is in a different division, Mahoney said. The Loveland facility at 805 W. 71st St. is a 115,000-square-foot manufacturing and office building. Most of the company’s operations are elsewhere nationally and internationally.

Nordson bought Value Plastics in 2011. Nordson had 7,331 full-time employees worldwide as of Oct. 31, 2022, the end of the company’s fiscal year. Prior to the layoff, the company had 211 workers at the Loveland location and has 175 now.

Nordson (Nasdaq: NDSN) had 2022 sales of $2.59 billion in fiscal 2022, up 9.7% over 2021, according to its annual report. Its net income was listed as $513 million, up from $454 million the year prior.

The company’s stock was trading at $241 per share as of 1:30 p.m. today, just below its 52-week high of $247.08.

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