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Mine Safety Incorporated (MSA), established in 1914, stands as the global leader in manufacturing safety products designed to protect people worldwide. Headquartered in Cranberry Township, Pennsylvania, MSA employs approximately 5,000 associates and operates worldwide. The company boasts manufacturing facilities across five continents, major R&D centers in the United States, Germany, and China, and over 40 international locations, ensuring safety for lives in over 140 countries.
MSA's product portfolio includes breathing apparatuses, fall protection, portable gas detection systems, industrial head protection, fire and rescue helmets, and fixed gas and flame detection systems. These products serve industries such as oil and gas, mining, fire services, industrial sectors, and utilities. Despite the simplicity in usage and maintenance, MSA products are highly sophisticated in design, integrating electronics, mechanical systems, and advanced materials to protect against hazardous and life-threatening situations.
As a publicly traded company on the NYSE under the symbol MSA, MSA Safety has achieved record revenue growth in 8 of the past 10 years, with annual revenues reaching approximately $1.8 billion. The company has recently reported strong financial results, highlighting double-digit sales growth and robust margin expansion for the year 2023. MSA's commitment to innovation, commercial strategy, and functional support areas has enabled enhanced customer service and fulfillment of its mission, entering 2024 with significant momentum.
MSA's notable achievements include the development of innovative safety products and solutions, strategic acquisitions, and a disciplined capital allocation strategy. The company's segments—Americas, International, and Corporate—demonstrate its global reach and operational efficiency. Recent leadership changes, such as the planned succession of CEO Nish Vartanian by Steve Blanco, align with MSA's strategic objectives and ensure continued corporate governance excellence.
Among its latest news, MSA has announced a new share repurchase plan, ongoing financial results reporting, and significant leadership transitions. The company is focused on delivering mid-single-digit sales growth for 2024, leveraging the MSA Business System to drive further sales growth and margin expansion.
MSA Safety has inaugurated a new 20,000 sq. ft. manufacturing facility in Cranberry Township, PA, establishing it as a global center for gas detection technology. The facility will primarily focus on the assembly of fixed gas and flame detection product lines relocated from Lake Forest, CA. Following the acquisition of Bacharach, Inc., MSA's gas detection segment now accounts for over a third of global revenue. The expansion is expected to drive cost efficiencies and potentially create more jobs in the region, enhancing MSA's long-standing manufacturing legacy.
MSA Safety declared a third quarter dividend of 44 cents per share on common stock, payable on September 10, 2021, to shareholders of record as of August 16, 2021. In addition, a dividend of 56-1/4 cents per share on preferred stock will be paid on September 1, 2021, also to shareholders of record by August 16, 2021. MSA reported $1.35 billion in revenue for 2020, employing approximately 5,200 people worldwide. The company continues to lead in safety product development, integrating advanced technologies to protect users across various industries.
MSA Safety is excited to showcase its innovative LUNAR technology at the Fire Department Instructor's Conference (FDIC) in Indianapolis, returning to in-person demonstrations after a hiatus. LUNAR enhances firefighter safety through exclusive Firefighting Assisting Search Technology (F.A.S.T.) and cloud connectivity for real-time reporting. The product, part of MSA's Connected Firefighter ecosystem, aims to improve situational awareness and accountability on scene. MSA will also introduce its new Cairns XR2 helmet and Globe Guard Hood to further advance firefighter safety.
MSA Safety Incorporated (NYSE: MSA) reported a 9% increase in revenue for Q2 2021, totaling $341 million. However, GAAP operating income dropped to $35 million, representing 10.3% of sales, compared to 15.4% a year prior. Net income decreased 30% to $25 million or $0.64 per diluted share. The company acquired Bacharach, Inc. for $337 million in July 2021, aiming to enhance its gas detection capabilities. Despite supply chain challenges, order activity surpassed 2020 and 2019 levels, strengthening the backlog.
MSA Safety Incorporated (NYSE: MSA) announced its second quarter earnings conference call, scheduled for July 29, 2021, at 8:30 a.m. ET, hosted by Chairman and CEO Nish Vartanian and CFO Kenneth Krause. The call will be accessible live on MSA's website, with a replay available for 90 days. Financial results will be released on July 28, 2021, after market close. MSA, established in 1914, is a leader in safety products, generating $1.35 billion in revenue in 2020 and employing about 5,000 people globally. The company operates in various markets, including oil, gas, construction, and military.
On July 20, 2021, MSA Safety announced a Joint Development Agreement with Perspective Robotics AG to enhance fire scene situational awareness. This collaboration aims to leverage Fotokite's tethered drone technology along with MSA's extensive experience in safety products. The partnership is expected to improve firefighter safety and accountability through innovative solutions. MSA Safety, a leader in safety products with 2020 revenues of $1.35 billion, continues to expand its portfolio to advance worker safety by integrating new technologies.
MSA Safety completed the acquisition of Bacharach for $337 million, enhancing its position in the gas detection market. Bacharach, with annual revenues of $70 million, specializes in HVAC-R leak detection technologies. The integration is spearheaded by Aaron Tufts, while Ken Krause oversees the acquisition process. Financing included $200 million in senior notes at 2.69% and additional credit lines. MSA anticipates an impact of $4 million in stock compensation expenses in Q2 2021 due to the acquisition.
MSA Safety, the global leader in safety products, has appointed Luca Savi, CEO of ITT, to its Board of Directors. This decision was announced on June 29, 2021, by MSA’s President, Nish Vartanian. Savi brings extensive international experience and leadership from his roles in Europe, China, and the U.S., which MSA believes will bolster its strategic growth efforts, especially in international markets. Savi’s background includes key positions at ITT and Comau, as well as industry experience with Shell and Honeywell. MSA reported 2020 revenues of $1.35 billion.
MSA Safety (NYSE: MSA) has partnered with the UK-based non-profit FIRE AID to enhance firefighter safety in developing countries. This three-year initiative will repurpose Self-Contained Breathing Apparatus (SCBA) and donate new firefighting equipment from the UK Fire and Rescue Services to communities in need. MSA will also facilitate training and logistical support for firefighters. This collaboration aligns with MSA's commitment to corporate social responsibility. In 2020, MSA reported revenues of $1.35 billion, underscoring its leading role in safety solutions.
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