UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
FORM 8-K
________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 12, 2015
MSA SAFETY INCORPORATED
(Exact name of registrant as specified in its charter)
Pennsylvania | 1-15579 | 46-4914539 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification Number) |
1000 Cranberry Woods Drive Cranberry Township, PA | 16066 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: 724-776-8600
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. Other Events.
On May 12, 2015, the Board of Directors of the Company adopted a new stock repurchase program to replace its existing program. The new program authorizes up to $100 million in repurchases of common stock in the open market and in private transactions. The Board did not set a termination date for the new program. A press release announcing the repurchase program was issued and is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) The following exhibits are furnished with this report on Form 8-K.
Exhibit No. | Description |
99.1 | MSA Safety Incorporated Press Release dated May 13, 2015. |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, MSA Safety Incorporated has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MSA SAFETY INCORPORATED | ||
(Registrant) | ||
By | /s/ Stacy P. McMahan | |
Stacy P. McMahan | ||
Senior Vice President of Finance, Chief Financial Officer, and Treasurer | ||
Date: May 14, 2015
EXHIBIT INDEX
Exhibit No. | Description | |
99.1 | MSA Safety Incorporated Press Release dated May 13, 2015. | |
Exhibit 99.1
FROM: MSA Safety Incorporated
Ticker: MSA (NYSE)
Media Relations Contact: Mark Deasy – (724) 741-8570
Investor Relations Contact: Ken Krause – (724) 741-8534
MSA Safety Incorporated Announces Stock Repurchase Program
PITTSBURGH, May 13, 2015 – MSA Safety Incorporated (NYSE: MSA) today announced that its Board of Directors has authorized the company to repurchase up to $100 million in shares of MSA common stock from time to time in private transactions and on the New York Stock Exchange. This program replaces an earlier program authorized in 2005.
The repurchases will be funded from available working capital or through borrowings on the company’s revolving credit facility, said Stacy McMahan, MSA Senior Vice President and Chief Financial Officer. “The Board’s decision is based on their review of MSA’s corporate strategy, our capital structure, future earnings expectations and overall confidence in MSA’s future,” Ms. McMahan said. “We consider this repurchase program to be an important factor in our ongoing efforts to enhance value for our shareholders.” Ms. McMahan added that the repurchased shares will be held in treasury.
While the program will initially be used to offset dilution associated with employee stock compensation, the company may expand the focus of the program in the future. The MSA Board did not set a time limitation on the repurchase program.
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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 line of products 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. The company’s core products include self-contained breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection, fire and rescue helmets, and fall protection devices. With 2014 revenues of $1.1 billion, MSA employs approximately 5,000 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 website at www.MSAsafety.com.
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