Mine Safety Incorporated - MSA STOCK NEWS

MSA Safety announced the divestiture of a subsidiary holding legacy product liability claims related to coal dust, asbestos, and silica, to a joint venture between R&Q Insurance Holdings and Obra Capital. MSA contributed $341 million in cash, while the joint venture added $35 million. This transaction simplifies MSA's balance sheet and eliminates associated liabilities, enhancing cash flow predictability and reducing business risk. MSA aims to focus on growth and profitability, supported by a strong balance sheet, with plans for near-term deleveraging. The transaction closed on January 5, 2023.

Seagate Technology has appointed Robert Bruggeworth to its Board of Directors effective November 9, 2022. He will also join the Audit and Finance Committee. Bruggeworth brings over 20 years of executive leadership experience, including his role as CEO of Qorvo. He has held senior positions at AMP and has served on various boards including MSA Safety and the Semiconductor Industry Association. His extensive experience in technology and leadership is expected to enhance Seagate's strategic direction.

MSA Safety Incorporated (NYSE: MSA) announced that CEO Nish Vartanian will present at Baird's 2022 Global Industrial Conference on November 8, 2022, at 5:05 p.m. ET. The presentation will last approximately 30 minutes and will be webcast live. Interested parties can access the webcast at investors.msasafety.com, with a replay available for 90 days afterward. MSA, a leader in safety products, reported revenues of $1.4 billion in 2021 and has a global presence in various industries, including oil, gas, and construction.

MSA Safety has declared a fourth quarter dividend of 46 cents per share on common stock, payable on December 10, 2022, to shareholders of record by November 15, 2022. Additionally, a dividend of 56-1/4 cents per share on preferred stock will be paid on December 1, 2022, to shareholders of record on November 15. MSA Safety reported 2021 revenues of $1.4 billion and employs approximately 4,800 people globally, with a significant portion of its revenues derived from international markets.

MSA Safety reported strong financial results for Q3 2022, with sales rising to $382 million—a 12% organic increase year-over-year and 16% growth in constant currency. GAAP operating income rose to $64 million (16.8% of sales), up from $32 million (9.5%) a year prior. Net income saw a significant jump to $44.9 million or $1.14 per diluted share. The company also showcased robust cash flow, totaling $64 million. Management highlights strong demand and record backlog despite supply chain challenges.

MSA Safety Incorporated (NYSE: MSA) will host its third quarter earnings conference call on October 27, 2022, at 8:30 a.m. ET. Investors can access the live call via www.MSAsafety.com with a replay available for 90 days. A press release detailing MSA's financial results for the third quarter will be distributed on October 26, 2022, after market close. Established in 1914, MSA specializes in safety products for various industries, generating $1.4 billion in revenue in 2021 and employing about 4,800 people globally.

MSA Safety has appointed Lee McChesney as Senior Vice President and Chief Financial Officer, effective immediately. McChesney brings over 20 years of financial leadership experience from his previous role at Stanley Black & Decker, overseeing a $12.8 billion business unit. He has a strong track record of successful acquisitions and innovation initiatives, including managing over $500 million in new product development. McChesney succeeds interim CFO Jonathan Buck, who will return to his role as Chief Accounting Officer.