−Removed: 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.
−Removed: 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.
−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, heating, ventilation, air conditioning and refrigeration ("HVAC-R"), utilities, mining and the military.
−Removed: 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.
−Removed: The Company’s leading market positions across nearly all of its core products are supported and enabled by a strong commitment to investing in new product development that continually raises the bar for safety equipment performance, all while upholding an unwavering commitment to integrity.
−Removed: We dedicate significant resources to research and development, which allows us to produce innovative safety products that are often first to market.
+Added: Overview — MSA Safety Incorporated is the global leader in advanced safety products, technology and solutions.
+Added: Driven by its singular mission of safety, the Company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders.
+Added: The Company's comprehensive product line, which is governed by rigorous safety standards across highly regulated industries, is used to protect workers and facility infrastructures around the world in a broad range of markets, including fire service, energy, utility, construction and industrial manufacturing applications as well as heating, ventilation, air conditioning and refrigeration ("HVAC-R").
+Added: The Company's product portfolio includes firefighter safety gear where core products include self-contained breathing apparatus ("SCBA"), protective apparel and helmets;
+Added: detection where core products include fixed gas and flame detection ("FGFD") systems and portable gas detection instruments;
+Added: and industrial personal protective equipment ("PPE") where core products include industrial head protection and fall protection devices.
+Added: The Company’s leading market positions across various products in our portfolio are supported and enabled by a strong commitment to investing in new product development that continually raises the bar for safety equipment performance, all while upholding an unwavering commitment to integrity.
+Added: We dedicate significant resources to research and development, which allows us to produce innovative safety products that are often first to market and usually protected by intellectual property.
Our global product development teams include cross-functional associates throughout the Company, including research and development, marketing, sales, operations and quality management.
Our engineers and technical associates work closely with the safety industry’s leading standards-setting groups and trade associations to develop industry specific product standards and to anticipate their impact on our product line.
+Added: We leverage the MSA Business System ("MBS") to develop and introduce innovative safety solutions, secure new business opportunities, and operate with greater efficiency and purpose.
+Added: The MBS is our approach to working at our best - at our most efficient and most empowered.
+Added: It is a combination of behaviors, processes and tools that provide a framework to drive continuous improvement and create intentional problem-solving practices that are consistent across the organization.
+Added: We strive to serve our customers and help them solve their safety and compliance challenges while creating value for our shareholders.
+Added: As part of our differentiated development process, we embed ourselves with our customers to deeply understand their processes, pain points and desired outcomes.
+Added: Our commitment to MBS has enabled us to drive customer satisfaction and profitable growth while generating significant improvements in operating results.
Segments — We tailor our product offerings and distribution strategy to satisfy distinct customer preferences that vary across geographic regions.
−Removed: To best serve these customer preferences, we have organized our business into four geographic operating segments that are aggregated into three reportable geographic segments:
+Added: To best serve these customer preferences, we have organized our business into four geographic operating segments that are aggregated into three reportable segments:
Americas, International and Corporate.
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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 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.
−Removed: Our products protect people against a wide variety of hazardous or life-threatening situations.
+Added: Products — We design, manufacture, and sell a comprehensive line of safety products and solutions to protect workers and facility infrastructures around the world.
+Added: Our products protect people and critical infrastructure against a wide variety of hazardous or life-threatening situations.
The following is a brief description of each of our product categories:
Core products.
−Removed: MSA's corporate strategy includes a focus on driving sales of core products, where we have leading market positions and a distinct competitive advantage.
−Removed: Core products, as mentioned above, include breathing apparatus where 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.
+Added: MSA's corporate strategy includes a focus on providing customers a number of core products, where we have leading market positions and a distinct competitive advantage.
+Added: Core products, as mentioned above, include breathing apparatus where SCBA is the principal product, firefighter helmets and protective apparel, FGFD, portable gas detection instruments, industrial head protection products and fall protection devices.
Core products comprised approximately 91% and 90% of sales in 2023 and 2022, respectively.
−Removed: The following is a brief description of our core product offerings:
+Added: The following is a brief description of our core product offerings within each of our Firefighter Safety, Detection and Industrial PPE portfolios:
+Added: Firefighter Safety
Breathing apparatus products.
−Removed: The primary breathing apparatus product is the SCBA.
−Removed: SCBA are used by first responders, petrochemical plant workers and anyone entering an environment deemed immediately dangerous to life and health.
+Added: The Company's primary breathing apparatus product is the SCBA.
+Added: SCBA are used by first responders, manufacturing and process industry plant workers and others entering an environment deemed immediately dangerous to life and health.
The SCBA functions together with various MSA cloud-based software modules and proprietary accessories to create a complete and customizable solution for our customers.
−Removed: Our primary breathing apparatus product in the Americas segment, the MSA G1 SCBA, is a revolutionary platform that offers many differentiated features.
+Added: Our primary breathing apparatus product in the Americas segment, the MSA G1 SCBA, is a platform that offers many differentiated features.
With new hardware and software upgrades always under development, this platform continues to evolve to meet our customers’ needs.
−Removed: 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 MSA M1 SCBA, which is our primary breathing apparatus product in the International segment, represents the most advanced and ergonomic SCBA we have launched in the International markets.
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.
−Removed: Fixed gas and flame detection instruments ("FGFD").
−Removed: Our permanently installed fixed gas and flame detection instruments are used in oil, gas and petrochemical applications, wastewater, heating, ventilation and air conditioning ("HVAC") and general industrial production facilities to detect the presence or absence of various gases in the air.
−Removed: Typical applications of these instruments include the detection of an oxygen deficiency in confined spaces or the presence of combustible or toxic gases.
+Added: Firefighter helmets and protective apparel.
+Added: We offer a complete line of fire helmets that includes our Cairns ® and Gallet ® helmet brands.
+Added: Our Cairns helmets are primarily used by firefighters in North America while the Gallet helmets are primarily used by firefighters across our International segment.
+Added: Globe Holding Company, LLC ("Globe") and B T Q Limited ("Bristol Uniforms"), two of our subsidiaries, are both leading innovators and providers of firefighter turnout gear and boots.
+Added: FGFD systems.
+Added: Our permanently installed FGFD systems are used in energy and utility applications, HVAC-R and general industrial production facilities to detect the presence or absence of various gases in the air.
+Added: Typical applications of these systems include the detection of an oxygen deficiency in confined spaces or the presence of combustible or toxic gases.
The FGFD product line generates a meaningful portion of overall revenue from recurring business including replacement components and related service.
−Removed: We sell these instruments in both our Americas and International segments.
+Added: We sell these products in both our Americas and International segments.
Key products include:
−Removed: • Permanently installed gas detection monitoring systems.
+Added: • Fixed gas detection monitoring systems.
This product line is used to monitor for combustible and toxic gases and oxygen deficiency in virtually any application where continuous monitoring is required.
−Removed: Our systems are used for gas detection in the oil and gas industry, petrochemical, pulp and paper, wastewater, refrigerant monitoring, pharmaceutical production and general industrial applications.
−Removed: Our Ultima®X5000 and S5000 gas monitors enhance facility and worker safety while lowering overall cost of ownership for our customers through differentiated sensor technology.
+Added: Our systems are used for gas detection in energy, pulp and paper, wastewater, refrigerant monitoring, pharmaceutical production and general industrial applications.
+Added: One of our flagship products is the Ultima ® X5000 and S5000 gas monitors which enhances facility and worker safety while lowering overall cost of ownership for our customers through differentiated sensor technology.
These systems utilize a wide array of sensor technologies including electrochemical, catalytic, infrared and ultrasonic.
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These instruments are used for plant-wide monitoring of toxic gases and for detecting the presence of flames.
−Removed: 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.
+Added: These systems use infrared optics to detect potentially hazardous conditions across long distances, making them suitable for use in applications such as processing industries, storage vessels and HVAC ducts.
In 2021 MSA acquired Bacharach, Inc.
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Our hand-held portable gas detection instruments are used to detect the presence or absence of various gases in the air.
−Removed: The product line is used by oil, gas and petrochemical workers, general industrial workers, miners, utility workers, first responders or anyone working in a confined space environment.
+Added: The product line is used by energy, utility, general industrial workers as well as first responders or anyone working in a confined space environment.
Typical applications of these instruments include the detection of an oxygen deficiency in confined spaces or the presence of combustible or toxic gases.
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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 2022, we launched the ALTAIR ® io™ 4 gas detection wearable, designed with fully integrated connectivity for real-time visibility across worksites.
+Added: Our newest multigas detector, the ALTAIR ® io™ 4, is a portable 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: MSA also leverages proprietary Internet of Things solutions and wireless solutions to connect our hardware products directly to our cloud offering ("MSA Grid").
−Removed: MSA Grid offers solutions for both fleet management and live monitoring while interfacing directly with the breadth of MSA hardware products.
−Removed: 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.
+Added: MSA also leverages proprietary Internet of Things solutions and wireless solutions to connect certain MSA 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 available MSA hardware products.
+Added: Through this cloud technology, MSA provides services that enhance worker safety and accountability through additional transparency that does not normally exist in industrial settings.
+Added: Industrial PPE
Industrial head protection.
We offer a complete line of industrial head protection and accessories that includes the iconic V-Gard ® helmet brand, a bellwether product in MSA's portfolio for over 50 years.
−Removed: We offer customers a wide range of color choices and we are a world leader in the application of customized logos.
−Removed: Our industrial head protection products have a wide user base, including oil, gas and petrochemical workers, steel and construction workers, miners and industrial workers.
−Removed: Our Fas-Trac ® III Suspension system was designed to provide enhanced comfort without sacrificing safety.
−Removed: Our strongest sales of head protection products have historically been in the Americas segment.
−Removed: Firefighter helmets and protective apparel.
−Removed: We offer a complete line of fire helmets that includes our Cairns ® and Gallet ® helmet brands.
−Removed: 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 B T Q Limited ("Bristol Uniforms"), are both leading innovators and providers of firefighter personal protective equipment ("PPE") and boots.
−Removed: 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.
−Removed: MSA's firefighter safety PPE offering in the International segment includes the XF1 Gallet Helmet and Bristol Uniforms turnout gear, in addition to the M1 SCBA described above.
+Added: We offer customers a wide range of color choices and we are a leader in the application of customized logos.
+Added: We recently introduced the V-Gard C1™ hard hat with patent-pending ReflectIR™ thermal barrier technology which helps to reduce temperatures inside the hard hat for a cooling effect to the wearer.
+Added: Our industrial head protection products have a wide user base, including energy, utility, non-residential construction and industrial workers.
Fall protection.
Our broad line of fall protection equipment includes harnesses, lanyards, self-retracting lifelines, engineered systems and confined space equipment.
−Removed: Fall protection equipment is used by workers in the construction industry, oil, gas and petrochemical market, utilities industry, aerospace industry, general industrial applications and anyone working at height.
−Removed: MSA’s new V-Series fall protection equipment has transformed the Company’s harness and self-retracting lanyard portfolio, with approximately 50 new fall protection products launched over the past several years.
−Removed: The V-Series brand of fall protection equipment is inspired by MSA's iconic V-Gard hard hat, which is used by millions of workers around the world.
+Added: Fall protection equipment is used by workers in the construction, energy, utilities and aerospace industries as well as general industrial applications and anyone working from height in both our Americas and International segments.
+Added: MSA’s V-Series ® fall protection equipment has transformed the Company’s harness and self-retracting lanyard portfolio, with over 50 fall protection products launched over the past several years.
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: Our new safety solutions platform that integrates safety hardware technology, cloud software solutions and safety services was launched in 2022.
−Removed: 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.
+Added: Our safety solutions platform that integrates safety hardware technology, cloud software solutions and safety services was launched in 2022.
+Added: MSA+ offerings span across our portfolio to include certain products across Firefighter Safety, Detection and Industrial PPE offerings.
+Added: By integrating these products with our cloud services and coupling them with subscription pricing, MSA improves 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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These products are complementary to the core offerings and sometimes reflect more episodic or contract-driven growth patterns.
−Removed: Key non-core products include air-purifying respirators ("APR"), eye and face protection, ballistic helmets and gas masks.
−Removed: 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.
−Removed: We have patents and pending patents across substantially all of our products.
+Added: Key non-core products include air-purifying respirators, eye and face protection, ballistic helmets and gas masks.
Customers — Our customers generally fall into two categories:
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We believe that understanding end-user requirements is critical to increasing MSA's market share.
−Removed: The in-depth customer training and education provided by our sales associates to our customers is critical to ensuring proper use of many of our products, such as SCBA and gas detection instruments.
−Removed: As a result of our sales associates working closely with end-users, they gain valuable insight into customer preferences and needs.
−Removed: To better serve our customers and to ensure that our sales associates are among the most knowledgeable and professional in the industry, we place significant emphasis on training our sales associates in product application, industry standards and regulations.
+Added: The in-depth customer training and education provided by our sales associates to our customers is critical to ensuring proper use of many of our products, such as SCBA and detection instruments.
+Added: As a result of our sales and marketing associates working closely with end-users, they gain valuable insight into customer preferences and needs.
+Added: To better serve our customers and to ensure that our sales and marketing associates are among the most knowledgeable and professional in the industry, we place significant emphasis on training our sales associates in product application, industry standards and regulations.
We believe our sales and distribution strategy allows us to deliver a customer value proposition that differentiates our products and services from those of our competitors, resulting in increased customer loyalty and demand.
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Because of our broad and diverse product line and our desire to reach as many markets and market segments as possible, we have over 2,100 authorized distributor locations worldwide.
−Removed: MSA maintains a diversified portfolio of safety products that protect workers and facility infrastructure across a broad array of end markets.
−Removed: While the Company sells its products through distribution, which can limit end-user visibility, the Company provides estimated ranges of end market exposure to facilitate understanding of its growth drivers.
−Removed: The Company estimates that approximately 35%-40% of its overall revenue is derived from the fire service market and approximately 25%-30% of its revenue is derived from the energy market.
−Removed: The remaining revenue is split among construction, utilities, general industrial applications, military and mining.
Competition —The global safety products market is broad and highly fragmented with few participants offering a comprehensive line of safety products.
The sophisticated safety products market in which we compete is comprised of both core and non-core offerings and is a subset of the larger safety market.
−Removed: We maintain leading positions in nearly all of our core products.
+Added: We maintain leading positions across various products in our portfolio.
Over the long-term, we believe global demand for safety products will continue to grow.
−Removed: Purchases of these products are non-discretionary, protecting workers' health in hazardous and life-threatening work environments.
+Added: Purchases of these products are non-discretionary, protecting workers' health and critical infrastructure in hazardous and life-threatening work environments.
Their use is often mandated by government and industry regulations, which are increasingly enforced on a global basis.
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We believe our dedication and commitment to innovation and research and development allows us to produce state-of-the-art safety products that are often first to market and exceed industry standards.
−Removed: Our primary engineering groups are located in the United States, Germany and China.
+Added: Our primary engineering groups are located in the United States, Germany, France, China and South Africa.
Our global product development teams include cross-geographic and cross-functional members from various areas throughout the Company, including research and development, marketing, sales, operations and quality management.
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The primary materials that we source from third parties include electronic components, high density polyethylene, chemical filter media, rubber and plastic components, eye and face protective lenses, air cylinders, certain metals and ballistic resistant, flame resistant and non-ballistic fabrics.
−Removed: We purchase these materials both domestically and internationally, and we believe our supply sources are both well established and reliable.
−Removed: In spite of some market-softening, especially in the consumer space, the demand for industrial-based electronic components continues to outpace supply.
−Removed: For these industrial-based electronic components, lead times remain extended and the overall market constrained, which is not unique to MSA.
−Removed: We continue to navigate these supply chain issues.
−Removed: We have close supplier relationship programs with our key raw material distributors and strategic supplier partners.
−Removed: 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.
+Added: We purchase these materials both domestically and internationally, and we work to ensure our supply sources are both well established and reliable.
+Added: In spite of some market-softening, especially in the consumer space, the demand for certain industrial-based electronic components continues to outpace supply.
+Added: For these key electronic components (specifically, components manufactured in larger process nodes), lead times remain extended and the overall market constrained, which is not unique to MSA.
+Added: We continue to effectively navigate these supply chain issues, as we have close supplier relationship programs with our key raw material distributors and strategic supplier partners.
+Added: Although we do not have long-term supply contracts with all suppliers, we have engaged in formal supply agreements with select strategic supplier partners.
+Added: We work to establish long term agreements with all key partners to ensure a robust supply pipeline and have not experienced any significant problems in obtaining adequate raw materials.
Please refer to MSA's Form SD filed on May 25, 2023 for further information on our conflict minerals analysis.
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government, compiled as of December 31, 2023.
−Removed: We count a diverse woman as one individual.
+Added: We count a diverse woman as one individual for purposes of the calculating the aforementioned statistics.
Leadership and Development —MSA provides programs to enable continuous learning, growth and development opportunities.
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Seasonality — Our operating results are not significantly affected by seasonal factors.
−Removed: Sales are generally higher during the second and fourth quarters.
−Removed: During periods of economic expansion or contraction and following significant catastrophes, our sales by quarter have varied from this seasonal pattern.
+Added: During periods of economic expansion or contraction and following significant catastrophes, our sales by quarter have varied.
Government-related sales tend to increase in the fourth quarter.
−Removed: Americas segment sales tend to be strong during the oil and gas market turnaround seasons late in the first quarter, early in the second quarter and then again at the end of the third quarter and beginning of the fourth quarter.
+Added: Americas segment sales tend to be strong during the energy sector's turnaround seasons late in the first quarter, early in the second quarter and then again at the end of the third quarter and beginning of the fourth quarter.
International segment sales are typically weaker for the Europe region in the summer holiday months of July and August and seasonality can be affected by the timing of delivery of larger orders.
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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.