Press Release

Oct 24,2018

MSA Announces Third Quarter Results

Strong revenue growth, improvements in productivity and U.S. Tax Reform drive GAAP earnings growth of 5 percent and adjusted earnings growth of 27 percent

PITTSBURGH, Oct. 24, 2018 /PRNewswire/ -- Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported results for the third quarter of 2018.

MSA Safety Incorporated

Quarterly Highlights

  • Revenue was $331 million, increasing 12 percent from a year ago on a reported basis and 14 percent on a constant currency basis, driven by strong organic growth across the company's core product portfolio.

  • GAAP operating income was $40 million or 12.1 percent of sales, compared to $40 million or 13.5 percent of sales in the same period a year ago. Adjusted operating income increased 20 percent to $57 million or 17.2 percent of sales, compared to $47 million or 16.0 percent of sales in the same period a year ago.

  • GAAP earnings were $34 million or $0.86 per diluted share, compared to $32 million or $0.83 per diluted share in the same period a year ago. Adjusted earnings increased 27 percent to $45 million or $1.16 per diluted share, compared to $35 million or $0.92 per diluted share in the same period a year ago.

Comments from Management
"Our third quarter results reflect strong returns on investments we've made in new product development and restructuring programs," said Nish Vartanian, MSA President and CEO.  "We realized double-digit organic revenue growth and our ongoing focus on productivity helped convert that into 27 percent growth in adjusted earnings," he said.

Mr. Vartanian continued, "It's encouraging to see both the step-change in profitability and improvements in free cash flow."  The company's adjusted operating margin increased 120 basis points while free cash flow generation remained strong, with free cash flow conversion in excess of 100 percent of net income in the third quarter. Mr. Vartanian noted that despite investing heavily in research and development projects that will drive future revenue growth, the company's incremental operating margins are approaching 30 percent for the quarter and year to date.

"Our incoming order book and backlog levels point to sustained strength across our core product portfolio, and we continue to see exciting wins in our industrial and fire service market segments.  With this momentum, our global teams remain highly focused on executing our strategy and strengthening our market positions in our core products, while continuing to improve productivity and drive free cash flow," Mr. Vartanian said.  "I'm confident that formula will continue to position us well as we work to increase value for all MSA stakeholders," he concluded.

 

MSA Safety Incorporated

Condensed Consolidated Statement of Income (Unaudited)

(In thousands, except per share amounts)



Three Months Ended
September 30,


Nine Months Ended
September 30,



2018


2017


2018


2017











Net sales

$

331,096



$

296,129



$

996,320



$

850,669



Cost of products sold

182,794



163,926



546,844



465,780



Gross profit

148,302



132,203



449,476



384,889












Selling, general and administrative

78,013



72,852



240,226



223,741



Research and development

13,296



12,351



39,752



35,282



Restructuring charges

2,615



3,214



10,223



16,920



Currency exchange (gains) losses, net

(252)



562



2,571



3,994



Other operating expense

14,627



3,346



25,469



32,956



Operating income

40,003



39,878



131,235



71,996












Interest expense

4,492



3,961



14,454



10,566



Loss on extinguishment of debt

1,494





1,494





Other income, net

(4,252)



(1,720)



(8,292)



(4,406)



Total other expense, net

1,734



2,241



7,656



6,160












Income before income taxes

38,269



37,637



123,579



65,836



Provision for income taxes

4,206



5,411



23,606



6,306



Net income

34,063



32,226



99,973



59,530



Net income attributable to noncontrolling
interests

(346)



(160)



(706)



(519)



Net income attributable to MSA Safety
Incorporated

$

33,717



$

32,066



99,267



59,011












Earnings per share attributable to MSA Safety
Incorporated common shareholders:









Basic

$

0.88



$

0.84



$

2.59



$

1.55



Diluted

$

0.86



$

0.83



$

2.55



$

1.52












Basic shares outstanding

38,417



38,074



38,328



37,970



Diluted shares outstanding

39,036



38,702



38,914



38,692



 

 

MSA Safety Incorporated

Condensed Consolidated Balance Sheet (Unaudited)

(In thousands)



September 30, 2018


December 31, 2017

Assets




Cash and cash equivalents

$

118,161



$

134,244


Trade receivables, net

236,245



244,198


Inventories

183,829



153,739


Notes receivable, insurance companies

3,525



17,333


Other current assets

131,577



72,783


    Total current assets

673,337



622,297






Property, net

150,569



157,014


Prepaid pension cost

91,914



83,060


Goodwill

416,779



422,185


Notes receivable, insurance companies, noncurrent

60,726



59,567


Insurance receivable, noncurrent

49,280



123,089


Other noncurrent assets

208,078



217,614


   Total assets

$

1,650,683



$

1,684,826






Liabilities and shareholders' equity




Notes payable and current portion of long-term debt, net

$

20,005



$

26,680


Accounts payable

71,659



87,061


Other current liabilities

216,283



175,538


   Total current liabilities

307,947



289,279






Long-term debt, net

370,195



447,832


Pensions and other employee benefits

167,373



170,773


Deferred tax liabilities

8,973



9,341


Product liability and other noncurrent liabilities

136,489



165,023


Total shareholders' equity

659,706



602,578


   Total liabilities and shareholders' equity

$

1,650,683



$

1,684,826


 

 

MSA Safety Incorporated

Condensed Consolidated Statement of Cash Flows (Unaudited)

(In thousands)



Three Months Ended
September 30,


Nine Months Ended
September 30,


2018


2017


2018


2017









Net income

$

34,063



$

32,226



$

99,973



$

59,530


Depreciation and amortization

9,378



9,929



28,585



27,665


Change in working capital and other operating

77,374



809



57,639



102,051


  Cash flow from operating activities

120,815



42,964



186,197



189,246










Capital expenditures

(9,808)



(5,603)



(18,620)



(11,730)


Acquisition, net of cash acquired



(213,990)





(213,990)


Purchase of short-term investments

(57,090)





(57,090)




Property disposals

942



52



4,001



729


  Cash flow used in investing activities

(65,956)



(219,541)



(71,709)



(224,991)










Change in debt

(38,390)



200,540



(80,675)



75,900


Cash dividends paid

(14,624)



(13,376)



(42,605)



(39,200)


Company stock purchases under repurchase program



(11,781)





(11,781)


Other financing

(1,313)



(346)



(575)



7,209


  Cash flow (used in) provided by financing activities

(54,327)



175,037



(123,855)



32,128










Effect of exchange rate changes on cash,

cash equivalents and restricted cash

(1,822)



(1,705)



(9,952)



1,622










Decrease in cash, cash equivalents and restricted
cash

(1,290)



(3,245)



(19,319)



(1,995)


 

 

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands)



Americas


International


Corporate


Consolidated

Three Months Ended September 30, 2018








Sales to external customers

$

209,343



$

121,753



$



$

331,096


Operating income







40,003


Operating margin %







12.1

%

Restructuring charges







2,615


Currency exchange gains, net







(252)


Other operating expense







14,627


Strategic transaction costs







56


Adjusted operating income (loss)

51,532



13,329



(7,812)




57,049


Adjusted operating margin %

24.6

%


10.9

%




17.2

%









Three Months Ended September 30, 2017








Sales to external customers

$

186,898



$

109,231



$



$

296,129


Operating income







39,878


Operating margin %







13.5

%

Restructuring charges







3,214


Currency exchange losses, net







562


Other operating expense







3,346


Strategic transaction costs







386


Adjusted operating income (loss)

45,365



10,229



(8,208)




47,386


Adjusted operating margin %

24.3

%


9.4

%




16.0

%



Americas


International


Corporate


Consolidated

Nine Months Ended September 30, 2018








Sales to external customers

$

633,812



$

362,508





$

996,320


Operating income







131,235


Operating margin %







13.2

%

Restructuring charges







10,223


Currency exchange losses, net







2,571


Other operating expense







25,469


Strategic transaction costs







208


Adjusted operating income (loss)

151,456



41,960



(23,710)




169,706


Adjusted operating margin %

23.9

%


11.6

%




17.0

%









Nine Months Ended September 30, 2017








Sales to external customers

$

528,426



$

322,243





$

850,669


Operating income







71,996


Operating margin %







8.5

%

Restructuring charges







16,920


Currency exchange losses, net







3,994


Other operating expense







32,956


Strategic transaction costs







3,365


Adjusted operating income (loss)

125,087



30,146



(26,002)




129,231


Adjusted operating margin %

23.7

%


9.4

%




15.2

%


The Americas segment is comprised of our operations in the U.S., Canada and Latin America.  The International segment is comprised of our operations in all other parts of the world including Europe, Africa, the Middle East, India, China, South East Asia and Australia.  Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.

Adjusted operating income (loss) and adjusted operating margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources.  As such, management believes that adjusted operating income (loss) and adjusted operating margin are useful metrics for investors. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains / losses, other operating expense and strategic transaction costs.  Adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers.  Adjusted operating income (loss) and adjusted operating margin are not recognized terms under GAAP and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance.  The Company's definition of adjusted operating income (loss) and adjusted operating margin may not be comparable to similarly titled measures of other companies.  As such, management believes that it is appropriate to consider operating income determined on a GAAP basis in addition to these non-GAAP measures.

 

 

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)

Organic constant currency revenue growth (Unaudited)


Consolidated



Three Months Ended September 30, 2018


Breathing Apparatus

Firefighter Helmets and Protective Apparel(a)

Industrial Head Protection

Portable Gas Detection

Fixed Gas and Flame Detection

Fall Protection

Core Sales


Non-Core Sales


Net Sales

GAAP reported
sales change

22

%

12

%

7

%

11

%

6

%

13

%

12

%


9

%


12

%

Plus: Currency
translation effects

1

%

1

%

4

%

2

%

1

%

2

%

2

%


3

%


2

%

Constant
currency sales
change

23

%

13

%

11

%

13

%

7

%

15

%

14

%


12

%


14

%

Less: Acquisitions

%

29

%

%

%

%

%

1

%


%


1

%

Organic constant
currency change

23

%

(16)

%

11

%

13

%

7

%

15

%

13

%


12

%


13

%



Nine Months Ended September 30, 2018


Breathing Apparatus

Firefighter Helmets and Protective Apparel(a)

Industrial Head Protection

Portable Gas Detection

Fixed Gas and Flame Detection

Fall Protection

Core Sales


Non-Core Sales


Net Sales

GAAP reported
sales change

12

%

110

%

10

%

13

%

10

%

10

%

20

%


4

%


17

%

Plus: Currency
translation effects

(1)

%

(2)

%

1

%

(1)

%

(2)

%

(1)

%

(2)

%


(1)

%


(1)

%

Constant
currency sales
change

11

%

108

%

11

%

12

%

8

%

9

%

18

%


3

%


16

%

Less: Acquisitions

%

113

%

%

%

%

%

9

%


%


8

%

Organic constant
currency change

11

%

(5)

%

11

%

12

%

8

%

9

%

9

%


3

%


8

%


(a)  Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.


Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results. There can be no assurances that MSA's definition of constant currency revenue growth or organic constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to these non-GAAP financial measures.

 

 

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)

Organic constant currency revenue growth (Unaudited)


Americas Segment



Three Months Ended September 30, 2018


Breathing Apparatus

Firefighter Helmets and Protective Apparel(a)

Industrial Head Protection

Portable Gas Detection

Fixed Gas and Flame Detection

Fall Protection

Core Sales


Non-Core Sales


Net Sales

GAAP reported
sales change

23

%

20

%

5

%

12

%

4

%

20

%

14

%


(2)

%


12

%

Plus: Currency
translation effects

1

%

%

4

%

2

%

1

%

2

%

1

%


3

%


2

%

Constant
currency sales
change

24

%

20

%

9

%

14

%

5

%

22

%

15

%


1

%


14

%

Less: Acquisitions

%

32

%

%

%

%

%

2

%


%


2

%

Organic constant
currency change

24

%

(12)

%

9

%

14

%

5

%

22

%

13

%


1

%


12

%




Nine Months Ended September 30, 2018


Breathing Apparatus

Firefighter Helmets and Protective Apparel(a)

Industrial Head Protection

Portable Gas Detection

Fixed Gas and Flame Detection

Fall Protection

Core Sales


Non-Core Sales


Net Sales

GAAP reported
sales change

8

%

177

%

9

%

13

%

9

%

16

%

24

%


(5)

%


20

%

Plus: Currency
translation effects

1

%

1

%

3

%

1

%

%

1

%

1

%


2

%


1

%

Constant
currency sales
change

9

%

178

%

12

%

14

%

9

%

17

%

25

%


(3)

%


21

%

Less: Acquisitions

%

183

%

%

%

%

%

15

%


%


12

%

Organic constant
currency change

9

%

(5)

%

12

%

14

%

9

%

17

%

10

%


(3)

%


9

%


(a)  Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.


Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results. There can be no assurances that MSA's definition of constant currency revenue growth or organic constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to these non-GAAP financial measures.

 

 

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)

Organic constant currency revenue growth (Unaudited)


International Segment



Three Months Ended September 30, 2018


Breathing Apparatus

Firefighter Helmets and Protective Apparel(a)

Industrial Head Protection

Portable Gas Detection

Fixed Gas and Flame Detection

Fall Protection

Core Sales


Non-Core Sales


Net Sales

GAAP reported
sales change

19

%

(18)

%

14

%

8

%

7

%

4

%

9

%


23

%


11

%

Plus: Currency
translation effects

4

%

1

%

4

%

4

%

2

%

2

%

3

%


4

%


3

%

Constant
currency sales
change

23

%

(17)

%

18

%

12

%

9

%

6

%

12

%


27

%


14

%

Less: Acquisitions

%

2

%

%

%

%

%

1

%


%


%

Organic constant
currency change

23

%

(19)

%

18

%

12

%

9

%

6

%

11

%


27

%


14

%




Nine Months Ended September 30, 2018


Breathing Apparatus

Firefighter Helmets and Protective Apparel(a)

Industrial Head Protection

Portable Gas Detection

Fixed Gas and Flame Detection

Fall Protection

Core Sales


Non-Core Sales


Net Sales

GAAP reported
sales change

20

%

3

%

13

%

13

%

11

%

3

%

12

%


14

%


12

%

Plus: Currency
translation effects

(5)

%

(6)

%

(3)

%

(4)

%

(5)

%

(4)

%

(5)

%


(4)

%


(4)

%

Constant
currency sales
change

15

%

(3)

%

10

%

9

%

6

%

(1)

%

7

%


10

%


8

%

Less: Acquisitions

%

2

%

%

%

%

%

%


%


%

Organic constant
currency change

15

%

(5)

%

10

%

9

%

6

%

(1)

%

7

%


10

%


8

%


(a)  Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.


Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results. There can be no assurances that MSA's definition of constant currency revenue growth or organic constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to these non-GAAP financial measures.

 

 

MSA Safety Incorporated

Supplemental Segment Information (Unaudited)

Summary of constant currency revenue growth by segment and product group



Three Months Ended September 30, 2018


Consolidated


Americas


International

Breathing Apparatus

23

%


24

%


23

%

Fall Protection

15

%


22

%


6

%

Portable Gas Detection

13

%


14

%


12

%

Firefighter Helmets and Protective Apparel(a)

13

%


20

%


(17)

%

Industrial Head Protection

11

%


9

%


18

%

Fixed Gas and Flame Detection

7

%


5

%


9

%

Core Sales

14

%


15

%


12

%

Core excluding Acquisitions

13

%


13

%


11

%







Non-Core Sales

12

%


1

%


27

%







Net Sales

14

%


14

%


14

%

Net Sales excluding Acquisitions

13

%


12

%


14

%



Nine Months Ended September 30, 2018


Consolidated


Americas


International

Breathing Apparatus

11

%


9

%


15

%

Fall Protection

9

%


17

%


(1)

%

Portable Gas Detection

12

%


14

%


9

%

Firefighter Helmets and Protective Apparel(a)

108

%


178

%


(3)

%

Industrial Head Protection

11

%


12

%


10

%

Fixed Gas and Flame Detection

8

%


9

%


6

%

Core Sales

18

%


25

%


7

%

Core excluding Acquisitions

9

%


10

%


7

%







Non-Core Sales

3

%


(3)

%


10

%







Net Sales

16

%


21

%


8

%

Net Sales excluding Acquisitions

8

%


9

%


8

%


(a)  Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.

 

 

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Adjusted earnings (Unaudited)

Adjusted earnings per diluted share (Unaudited)

(In thousands, except per share amounts)



Three Months Ended
September 30,




Nine Months Ended
September 30,




2018


2017


%
Change


2018


2017


%
Change













Net income attributable to MSA
Safety Incorporated

$

33,717



$

32,066



5%


$

99,267



$

59,011



68%


Tax benefit associated with U.S.
Tax Reform

(1,956)







(1,956)







Tax benefit associated with
European reorganization



(2,474)







(2,474)





Tax benefit associated with ASU
2016-09: Improvements to
employee share-based payment
accounting

(430)



(98)





(2,306)



(6,910)





Subtotal

31,331



29,494



6%


95,005



49,627



91%














Restructuring charges

2,615



3,214





10,223



16,920





Currency exchange (gains) losses,
net

(252)



562





2,571



3,994





Loss on extinguishment of debt

1,494







1,494







Other operating expense

14,627



3,346





25,469



32,956





Strategic transaction costs

56



386





208



3,365





Asset related (gain) losses and
other, net

(733)



30





415



274





Income tax expense on
adjustments

(4,024)



(1,598)





(9,645)



(16,367)





Adjusted earnings

45,114



$

35,434



27%


$

125,740



$

90,769



39%














Adjusted earnings per diluted
share

$

1.16



$

0.92



26%


$

3.23



$

2.35



37%



Management believes that adjusted earnings and adjusted earnings per diluted share are useful measures for investors, as management uses these measures to internally assess the company's performance and ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that MSA's definition of adjusted earnings is consistent with that of other companies. As such, management believes that it is appropriate to consider both net income determined on a GAAP basis as well as adjusted earnings.

 

 

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Free Cash Flow (Unaudited)

(In thousands, except percentages)



Three Months Ended
September 30,


Nine Months Ended
September 30,


2018


2017


2018


2017









Cash flow from operating activities

$

120,815



$

42,964



$

186,197



$

189,246


Capital expenditures

(9,808)



(5,603)



(18,620)



(11,730)










Free cash flow

$

111,007



$

37,361



$

167,577



$

177,516










Net income attributable to MSA Safety
Incorporated

$

33,717



$

32,066



$

99,267



$

59,011










Free cash flow conversion

329%



117%



169%



301%



Management believes that free cash flow is a meaningful measure for investors. Management reviews cash from operations after deducting capital expenditures because these expenditures are necessary to promote growth of MSA's business and are likely to produce cash from operations in future periods. It is important to note that free cash flow does not reflect the residual cash balance of the company for discretionary spending since other items, including debt and dividend payments, are deducted from free cash flow before arriving at the company's ending cash balance. Management defines free cash flow conversion as free cash flow divided by net income attributable to MSA. There can be no assurances that MSA's definition of free cash flow is consistent with that of other companies. As such, management believes that it is appropriate to consider cash from operating activities determined on a GAAP basis as well as free cash flow.

 

About MSA:  
Established in 1914, MSA Safety Incorporated is the global leader in the development, manufacture and supply of safety products that protect people and facility infrastructures.  Many MSA products integrate a combination of electronics, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations.  The company's comprehensive product line is used by workers around the world in a broad range of markets, including the oil, gas and petrochemical industry, the fire service, the construction industry, mining and the military.  MSA's core products include self-contained breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection products, firefighter helmets and protective apparel, and fall protection devices.  With 2017 revenues of $1.2 billion, MSA employs approximately 4,700 people worldwide.  The company is headquartered north of Pittsburgh in Cranberry Township, Pa., and has manufacturing operations in the United States, Europe, Asia and Latin America.  With more than 40 international locations, MSA realizes approximately half of its revenue from outside North America.  For more information visit MSA's web site at www.MSAsafety.com.

Cautionary Statement Regarding Forward-Looking Statements:
Except for historical information, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to all projections and anticipated levels of future performance. Forward looking statements involve risks, uncertainties and other factors that may cause our actual results to differ materially from those discussed herein. Any number of factors could cause actual results to differ materially from projections or forward looking statements, including without limitation global economic conditions, spending patterns of government agencies, competitive pressures, the impact of acquisitions and related integration activities, product liability claims, the success of new product introductions, currency exchange rate fluctuations and the risks of doing business in foreign countries. A full listing of these risks, uncertainties and other factors are detailed from time-to-time in our filings with the United States Securities and Exchange Commission ("SEC"), including our most recent Form 10-K filed on February 22, 2018. You are strongly urged to review all such filings for a more detailed discussion of such risks and uncertainties.  MSA's SEC filings are readily obtainable at no charge at www.sec.gov, as well as on its own investor relations website at http://investors.MSAsafety.com. MSA undertakes no duty to publicly update any forward looking statements contained herein, except as required by law.

Non-GAAP Financial Measures: 
This earnings release includes certain non-GAAP financial measures. These financial measures include constant currency revenue growth, organic constant currency revenue growth, adjusted operating income, adjusted operating margin, adjusted earnings, adjusted earnings per diluted share and free cash flow. The presentation of these financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). For an explanation of these measures, together with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures in the financial tables section above.

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SOURCE MSA

Media Relations Contact: Mark Deasy (724) 741 - 8570; Investor Relations Contact: Elyse Lorenzato (724) 741 - 8525

About MSA

Established in 1914, MSA Safety Incorporated is the global leader in the development, manufacture and supply of safety products that protect people and facility infrastructures. Many MSA products integrate a combination of electronics, mechanical systems and advanced materials to protect users against hazardous or lifethreatening situations. The company's comprehensive product line is used by workers around the world in a broad range of markets, including the oil, gas and petrochemical industry, the fire service, the construction industry, mining and the military. MSA's core products include self-contained breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection products, firefighter helmets and protective apparel, and fall protection devices. With 2017 revenues of $1.2 billion, MSA employs approximately 4,700 people worldwide. The company is headquartered north of Pittsburgh in Cranberry Township, Pa., and has manufacturing operations in the United States, Europe, Asia and Latin America. With more than 40 international locations, MSA realizes approximately half of its revenue from outside North America. For more information visit MSA's web site at www.MSASafety.com

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