Nordson Corporation

Nordson designs precision dispensing equipment used to apply adhesives, coatings, sealants and other materials in manufacturing, from electronics and medical devices to packaging and industrial assembly. Its niche, engineered products command strong margins and generate recurring revenue from parts and consumables, giving the business a durable, hard-to-replicate quality. Nordson has increased its dividend for well over a decade and, in fact, boasts one of the longer raise streaks among US industrials. The yield is low, reflecting a premium valuation, but the payout has grown steadily on the back of reliable free cash flow. It fits investors focused on quality and dividend growth rather than immediate income.