−Removed: Overview — 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.
−Removed: Recognized for their market leading innovation, many MSA products integrate a combination of electronics, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations.
−Removed: The Company's comprehensive product line, which are governed by rigorous safety standards across highly regulated industries, is used by workers around the world in a broad range of markets, including fire service, the oil, gas and petrochemical industry, construction, industrial manufacturing applications, utilities, mining and the military.
+Added: Overview — Established in 1914, MSA Safety Incorporated is the global leader in the development, manufacture and supply of safety products and software that protect people and facility infrastructures.
+Added: Recognized for their market leading innovation, many MSA products integrate a combination of electronics, software, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations.
+Added: The Company's comprehensive product line, which are governed by rigorous safety standards across highly regulated industries, is used by workers around the world in a broad range of markets, including fire service, the oil, gas and petrochemical industry, construction, industrial manufacturing applications, heating, ventilation, air conditioning and refrigeration ("HVAC-R"), utilities, mining and the military.
The Company's core products include breathing apparatus where self-contained breathing apparatus ("SCBA") is the principal product, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection products, firefighter helmets and protective apparel and fall protection devices.
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Americas, International and Corporate.
−Removed: Segment information is presented in Note 8 of the consolidated financial statements in Part II Item 8 of this Form 10-K.
+Added: Segment information is presented in Note 8—Segment Information of the consolidated financial statements in Part II Item 8 of this Form 10-K.
Because our consolidated financial statements are stated in U.S.
dollars and much of our business is conducted outside the U.S., currency fluctuations may affect our results of operations and financial position and may affect the comparability of our results between financial periods.
−Removed: Products — We manufacture and sell a comprehensive line of safety products to protect the health and safety of workers and facility infrastructures around the world in the fire service, the oil, gas and petrochemical industry, construction, industrial manufacturing applications, utilities, mining and the military.
+Added: Products — We design, manufacture, and sell a comprehensive line of safety products and solutions to protect the health and safety of workers and facility infrastructures around the world in the fire service, the oil, gas and petrochemical industry, construction, industrial manufacturing applications, HVAC-R, utilities, mining and the military.
Our products protect people against a wide variety of hazardous or life-threatening situations.
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SCBA are used by first responders, petrochemical plant workers and anyone entering an environment deemed immediately dangerous to life and health.
−Removed: Our primary breathing apparatus product in the Americas segment, the MSA G1 SCBA, is a revolutionary platform that offers many customizable and differentiated features.
+Added: The SCBA functions together with various MSA cloud-based software modules and proprietary accessories to create a complete and customizable solution for our customers.
+Added: Our primary breathing apparatus product in the Americas segment, the MSA G1 SCBA, is a revolutionary platform that offers many differentiated features.
+Added: With new hardware and software upgrades always under development, this platform continues to evolve to meet our customers’ needs.
Our newest breathing apparatus product, the MSA M1 SCBA, represents the most advanced and ergonomic SCBA we have ever launched for our International markets.
+Added: The “M” stands for modular, which is a critical design element that allows this platform to meet the many varied needs of customers around the world.
We sell breathing apparatus across both the Americas and International segments.
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These systems use infrared optics to detect potentially hazardous conditions across long distances, making them suitable for use in such applications as offshore oil rigs, storage vessels, refineries, pipelines and ventilation ducts.
−Removed: In 2021 we completed the acquisition of Bacharach, Inc.
−Removed: and its affiliated companies (Bacharach), a leader in gas detection technologies used in the heating, ventilation, air conditioning and refrigeration ("HVAC-R") markets.
+Added: In 2021 MSA acquired Bacharach, Inc.
+Added: and its affiliated companies (Bacharach), a leader in gas detection technologies used in the HVAC-R markets.
Bacharach’s advanced instrumentation technologies help protect lives and the environment, while also increasing operational efficiency for its diversified customer base.
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Our ALTAIR ® 2X, ALTAIR 4XR and ALTAIR 5X Multigas Detectors, with our internally developed XCell ® sensor technology, provide faster response times and unsurpassed durability.
−Removed: During 2021, we announced the launch of the ALTAIR ® io™ 4 gas detection wearable, designed with fully integrated connectivity for real-time visibility across worksites.
+Added: During 2022, we launched the ALTAIR ® io™ 4 gas detection wearable, designed with fully integrated connectivity for real-time visibility across worksites.
We sell portable gas detection instruments in both our Americas and International segments.
−Removed: The 2019 acquisition of Sierra Monitor Corporation ("SMC"), a leading provider of fixed gas and flame detection instruments and Industrial Internet of Things solutions that connect and help protect high-value infrastructure assets, enables MSA to accelerate its strategy to enhance worker safety and accountability through the use of cloud technology and wireless connectivity.
−Removed: This business enhances a key focus of the Company's Safety io ® subsidiary, launched in 2018 primarily to leverage the capabilities of its portable gas detection portfolio as it relates to cloud connectivity.
−Removed: Our Safety io ® Grid product offers fleet management and live monitoring capabilities that interface with MSA's portable gas detection instruments.
+Added: MSA also leverages proprietary Internet of Things solutions and wireless solutions to connect our hardware products directly to our cloud offering ("MSA Grid").
+Added: MSA Grid offers solutions for both fleet management and live monitoring while interfacing directly with the breadth of MSA hardware products.
+Added: Through this cloud technology, MSA provides services that enhance worker safety and accountability by adding this layer of transparency that does not normally exist in industrial settings.
Industrial head protection.
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Our Cairns helmets are primarily used by firefighters in North America while the Gallet helmets are primarily used by firefighters across our International segment.
−Removed: Globe ® Holding Company, LLC ("Globe") and Bristol Uniforms, are both leading innovators and providers of firefighter personal protective equipment ("PPE") and boots.
+Added: Globe ® Holding Company, LLC ("Globe") and B T Q Limited ("Bristol Uniforms"), are both leading innovators and providers of firefighter personal protective equipment ("PPE") and boots.
MSA's firefighter safety PPE offering in the Americas segment protects firefighters from head to toe, with Cairns Helmets, our industry leading G1 SCBA, and Globe turnout gear and boots.
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Additionally, we recently launched a patent-pending Personal Fall Limiter with a smart hook connector that uses radio -frequency identification ("RFID") technology to alert wearers when they are not secured to an anchorage point.
−Removed: We have patents and pending patents across substantially all of our products.
−Removed: In late 2021, MSA announced the upcoming launch of MSA+™, our new safety solutions platform that integrates safety hardware technology, cloud software solutions and safety services.
−Removed: By integrating our offerings and coupling them with subscription pricing, MSA will improve access to our solutions and facilitate the digital transformation of safety programs while further accelerating our recurring revenue business.
−Removed: MSA+™ enables the evolution of our customers' safety landscape while reinforcing our relationships with our global distribution partner network.
−Removed: Through its revenue sharing model, MSA+™ designed to decrease channel partner overhead and operational expense while building their recurring revenue business, enabling new value-added services and allowing them to differentiate themselves from the competition.
+Added: Our new safety solutions platform that integrates safety hardware technology, cloud software solutions and safety services was launched in 2022.
+Added: By integrating our offerings and coupling them with subscription pricing, MSA improved access to our solutions and facilitates the digital transformation of safety programs while further accelerating our recurring revenue business.
Non-core products.
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Ballistic helmet and gas mask sales are the primary sales to our military customers and were approximately $55 million globally in 2022 compared to $43 million in 2021.
+Added: We have patents and pending patents across substantially all of our products.
Customers — Our customers generally fall into two categories:
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Key members of our management team understand the impact that these standard-setting organizations have on our new product development pipeline.
−Removed: As such, management devotes significant time and attention to anticipating a new standards' impact on our sales and operating results.
+Added: As such, management devotes significant time and attention to anticipating a new standard's impact on our sales and operating results.
Because of our understanding of customer needs, membership on global standards-setting bodies, investment in research and development and our unique new product development process, we believe we are well positioned to anticipate and adapt to changing product standards.
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In addition to our patents, we have also developed or acquired a substantial body of manufacturing know-how that we believe provides a significant competitive advantage over our competitors.
−Removed: Raw Materials and Suppliers — Many of the components of our products are formulated, machined, tooled or molded in-house from raw materials, which comprise approximately two-thirds of our cost of sales.
+Added: Raw Materials and Suppliers — Many of the components of our products are formulated, machined, tooled or molded in-house and by select tier one supplier partners, which comprise approximately two-thirds of our cost of sales.
For example, we rely on integrated manufacturing capabilities for breathing apparatus, gas masks, ballistic helmets, hard hats and circuit boards.
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We purchase these materials both domestically and internationally, and we believe our supply sources are both well established and reliable.
−Removed: We have close vendor relationship programs with our key raw material distributors and tier one supplier partners.
−Removed: Although we generally do not have long-term supply contracts, thus far we have not experienced any significant problems in obtaining adequate raw materials without such contracts.
−Removed: Macro-supply chain constraints continue, especially for electronic components, and are not unique to MSA.
+Added: In spite of some market-softening, especially in the consumer space, the demand for industrial-based electronic components continues to outpace supply.
+Added: For these industrial-based electronic components, lead times remain extended and the overall market constrained, which is not unique to MSA.
We continue to navigate these supply chain issues.
+Added: We have close supplier relationship programs with our key raw material distributors and strategic supplier partners.
+Added: Although we generally do not have long-term supply contracts with all suppliers, thus far we have not experienced any significant problems in obtaining adequate raw materials by prioritizing formal supply agreements with our select strategic supplier partners.
Please refer to MSA's Form SD filed on May 25, 2022 for further information on our conflict minerals analysis.
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Our core values are encircled by “A Culture of Safety.”
−Removed: Workpla ce Health & Safety — As a company whose mission is dedicated to worker safety, MSA places great emphasis on the health and safety of our own associates.
+Added: Workplace Health & Safety — As a company whose mission is dedicated to worker safety, MSA places great emphasis on the health and safety of our own associates.
The Company maintains a global Environmental, Health and Safety Management System, deploys a variety of programs to reduce and eliminate injuries and promote safety and regularly measures the progress of those programs.
These programs promote personal responsibility for workplace safety and encourage associates to set a meaningful example as safety ambassadors.
−Removed: Response to novel coronavirus (COVID-19) —MSA has continued to respond to people-related challenges resulting from the pandemic.
−Removed: The Company has addressed various country, state, and local restrictions, mandates and guidelines and maintains compliance programs at all MSA locations designed to operate facilities in a safe manner.
−Removed: Among other efforts, this includes various associate work and safety protocols.
−Removed: In addition, to support mental health and emotional well-being, all associates and their dependents worldwide have access to an Employee Assistance Program, at no cost to them.
+Added: Employee Health and Well-Being — To support mental health and emotional well-being, all associates and their dependents worldwide have access to an Employee Assistance Program, at no cost to them.
This includes access to visits with mental health care providers through the program.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.