What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-12 compared with 2025-02-14 · 42 added, 63 removed, 131 unchanged (44% of the section changed)

2 unchanged sentences

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").

The Company's principal product categories are fire service, detection and industrial personal protective equipment ("PPE").

Core products for fire service include self-contained breathing apparatus ("SCBA"), protective apparel and helmets;

core products for detection include fixed gas and flame detection ("FGFD") systems and portable gas detection instruments;

and core products for industrial PPE include industrial head protection and fall protection devices.

In addition to its principal product categories, MSA continues to deploy and grow its MSA+™ solution, a business approach that combines MSA hardware, software, and services to simplify safety operations for customers and deliver recurring revenue.

Examples of MSA+ offerings include MSA Grid and MSA FireGrid – cloud-hosted software platforms that provide situational awareness to customers during hazardous industrial and fire service activities while also streamlining everyday safety compliance and equipment maintenance procedures.

The Company's principal product categories are detection, fire service and industrial personal protective equipment ("PPE").

In addition to its principal product categories, MSA continues to deploy and grow its MSA+™ ecosystem, its turnkey approach to MSA hardware, software, and services to simplify and improve safety operations for customers while delivering recurring revenue.

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.

9 unchanged sentences

Segments — We tailor our product and solution offerings and distribution strategy to satisfy distinct customer preferences that vary across geographic regions.

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.

To best serve these customer preferences, we have organized our business into four geographic operating segments that are aggregated into two reportable segments:

Americas and International.

Segment information is presented in Note 9—Segment Information of the consolidated financial statements in Part II Item 8 of this Form 10-K.

3 unchanged sentences

Our products and solutions 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.

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.

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 92% and 91% of sales in 2024 and 2023, respectively.

The following is a brief description of our core product offerings within each of our Fire Service, Detection and Industrial PPE portfolios:

Breathing apparatus products.

The Company's primary breathing apparatus solution is the SCBA.

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.

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.

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 needs of customers around the world.

We sell breathing apparatus across both the Americas and International segments.

Firefighter helmets and protective apparel.

We offer a complete line of fire helmets that includes our Cairns® and Gallet® helmet brands.

Our Cairns helmets are primarily used by firefighters in North America while the Gallet helmets are primarily used by firefighters across our International segment.

We recently introduced our Cairns® 1836 Fire Helmet, which includes embedded radio frequency identification (RFID) technology, providing the ability to quickly locate assets, through MSA’s FireGrid Inventory Management software.

Globe Holding Company, LLC ("Globe") and B T Q Limited ("Bristol Uniforms"), two of our subsidiaries, are both leading innovators and providers of firefighter protective apparel.

The following is a brief description of our primary products within each of our Detection, Fire Service and Industrial PPE product categories, each of which we sell in both our Americas and International Segments:

FGFD systems.

Our permanently installed FGFD solutions are used in energy and utility applications, HVAC-R, water and wastewater, food retail and general industrial production facilities to detect the presence or absence of various gases in the air.

Typical applications of these systems include the detection of an oxygen deficiency in confined spaces or the presence of combustible or toxic gases as well as detecting leaks of refrigerants.

The FGFD product and solution line generates a meaningful portion of overall revenue from recurring business including replacement components and related service.

We sell these products and solutions in both our Americas and International segments.

Our permanently installed fixed gas and flame detection ("FGFD") products and solutions are used in energy and utility applications, HVAC-R, water and wastewater, food retail and general industrial production facilities to detect the presence or absence of various gases in the air.

Typical applications of these systems include detecting combustible or toxic gases as well as leaks of refrigerants.

FGFD products and solutions generate a meaningful portion of overall revenue from recurring business including replacement components and related service.

Key products and solutions include:

• 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.

This product line is used to monitor for combustible and toxic gases and oxygen deficiency in a wide variety of applications where continuous monitoring is required.

Our systems are used for gas detection in energy, pulp and paper, wastewater, refrigerant monitoring, pharmaceutical production and general industrial applications.

Some of our flagship products include the Ultima ® X5000 and S5000 gas monitors, which enhance 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.

Some of our flagship products in this category include the Ultima ® X5000 and S5000 gas monitors, which utilize a wide array of sensor technologies to enhance facility and worker safety.

• Flame detectors and open-path infrared gas detectors.

These instruments are used for plant-wide monitoring of toxic gases and for detecting the presence of flames.

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.

These systems use sensor technology to detect potentially hazardous conditions across long distances, making them suitable for use in applications such as processing industries, storage vessels and HVAC ducts.

• Refrigerant detection and identification .

2 unchanged sentences

These solutions provide users with real-time monitoring and alerts.

In 2025, we acquired M&C TechGroup and its affiliated companies ("M&C").

Headquartered in Ratingen, Germany, M&C provides a comprehensive range of gas analysis systems that detect, measure and monitor gases in critical environments.

M&C’s product portfolio includes systems and solutions for gas sampling, gas conditioning, as well as advanced process control.

Refer to Note 15—Acquisitions to the consolidated financial statements in Part II Item 8 of this Form 10-K for further information.

Portable gas detection instruments.

1 unchanged sentence

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.

Our single and multi-gas detectors provide portable solutions for detecting the presence of oxygen, combustible gases and various toxic gases, including hydrogen sulfide, carbon monoxide, ammonia and chlorine, either singularly or up to six gases at once.

Our ALTAIR ® 2X, ALTAIR 4XR and ALTAIR 5X Multigas Detectors, with our internally developed XCell ® sensor technology, provide faster response times and unsurpassed durability.

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.

Our multi-gas detectors include the ALTAIR ® 2X, ALTAIR 4XR and ALTAIR 5X, all of which utilize our internally developed XCell ® sensor technology for fast response times.

Our newest multi-gas detectors, the ALTAIR io™ 4 and ALTAIR io 6, are portable gas detection wearables designed with fully integrated connectivity through MSA+ solutions for real-time visibility across worksites.

Breathing apparatus products.

The Company's primary breathing apparatus solution is the self-contained breathing apparatus ("SCBA").

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.

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.

The MSA M1 SCBA, which is our primary breathing apparatus product in the International segment, represents the most advanced and ergonomic SCBA that 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 needs of customers around the world.

Firefighter helmets and protective apparel.

We offer a complete line of fire helmets that includes our Cairns® and Gallet® helmet brands.

Our Cairns helmets are primarily used by firefighters in North America while the Gallet helmets are primarily used by firefighters across our International segment.

Our Cairns® 1836 Fire Helmet includes embedded radio frequency identification (RFID) technology, providing the ability to quickly locate assets, through MSA’s FireGrid Inventory Management software.

Globe Holding Company, LLC ("Globe") and B T Q Limited ("Bristol Uniforms"), two of our subsidiaries, are both leading innovators and providers of firefighter protective apparel products in the Americas segment and International segment, respectively.

Industrial PPE and Other

10 unchanged sentences

Additionally, our V-TEC ® io1 self-retracting lifeline has a patented smart hook connector that uses radio-frequency identification (RFID) technology to alert wearers when they are not secured to an anchorage point.

Non-core products.

MSA maintains a portfolio of non-core products.

Non-core products reinforce and extend the core offerings, drawing upon our customer relationships, distribution channels, geographical presence and technical experience.

These products are complementary to the core offerings and sometimes reflect more episodic or contract-driven growth patterns.

Key non-core products include air-purifying respirators, eye and face protection, ballistic helmets and gas masks.

Key other products that we sell include air-purifying respirators, eye and face protection, ballistic helmets and gas masks.

Customers — Our customers generally fall into two categories:

10 unchanged sentences

We believe our sales and distribution strategy allows us to deliver a customer value proposition that differentiates our products and solutions from those of our competitors, resulting in increased customer loyalty and demand.

In areas where we use indirect selling, we promote, distribute and service our products to general industry through authorized national, regional and local distributors.

We distribute fire service products primarily through specially trained local and regional distributors who provide advanced training and service capabilities to volunteer and paid municipal fire departments.

In areas where we use indirect selling to general industry, we promote, distribute and service our products through authorized national, regional and local distributors.

In areas where we use indirect selling to fire service, we distribute fire service products primarily through specially trained local and regional distributors who provide advanced training and service capabilities to volunteer and paid municipal fire departments.

Because of our broad and diverse product line and our desire to reach as many markets and market segments as possible, we have over 1,800 authorized distributor locations worldwide.

Competition —The global safety products and solutions market is broad and highly fragmented with few participants offering a comprehensive line of safety products and solutions.

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.

The sophisticated safety products market in which we compete is a subset of the larger safety market.

We maintain leading positions across various products in our portfolio.

5 unchanged sentences

We believe that participants in this industry compete primarily on the basis of product characteristics (such as functional performance, technology, cost of ownership, comfort, design and style), brand name recognition and after-market service support.

We believe we compete favorably within each of our operating segments as a result of our high quality, innovative offerings and strong brand trust and recognition.

We believe we compete favorably within each of our operating segments and product categories as a result of our high quality, innovative offerings and strong brand trust and recognition.

Research and Development — To achieve and maintain our market leading positions, we operate several sophisticated research and development facilities.

3 unchanged sentences

These teams are responsible for setting product line strategies based on their understanding of customers' needs and available technology, as well as the opportunities and challenges they foresee in each product area.

We believe our team-based, cross-geographical and cross-functional approach to new product development is a source of competitive advantage.

Our approach to the new product development process allows us to tailor our product offerings and product line strategies to satisfy distinct customer preferences and industry regulations that vary across our operating segments.

Our cross-geographical and cross-functional approach to the new product development process allows us to tailor our product offerings and product line strategies to satisfy distinct customer preferences and industry regulations that vary across our operating segments.

We believe another important aspect of our approach to new product development is that our engineers and technical associates work closely with the safety industry’s leading standards-setting groups and trade associations.

2 unchanged sentences

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.

Our understanding of customer needs, membership on global standards-setting bodies, and investment in research and development and our unique new product development process positions us well to anticipate and adapt to changing product standards.

While the length of the approval process can be unpredictable, we believe that we are well positioned to gain the approvals and certifications necessary to meet new government and multinational product regulations.

28 unchanged sentences

This includes access to visits with mental health care providers through the program.

Diversity and Inclusion —Diversity and Inclusion is a Core Value at MSA, and the Company seeks a wide variety of thoughts, perspectives, experiences and ideas.

• Culture —The Company seeks a wide variety of thoughts, perspectives, experiences and ideas.

MSA strives to provide an inclusive work environment, paired with a culture of excellence in which associates feel comfortable openly sharing thoughts and ideas.

1 unchanged sentence

MSA also partners with a number of non-profit and community-based organizations to help to build a pipeline of future talent with differing backgrounds, thoughts, experiences, and perspectives.

Approximately 55% of our U.S.

workforce self-identifies as diverse.

This includes women who comprise approximately 40% of our U.S.

We determine race and gender diversity based on our employees’ self-identification or other information compiled to meet the requirements of the U.S.

government, compiled as of December 31, 2024.

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.

1 unchanged sentence

Exchanges between associates and supervisors provide a flexible, ongoing feedback loop to drive and enhance the engagement of associates, while facilitating the achievement of our strategic goals.

Second, the MSA Leader model sets the expectations of MSA people leaders.

Grounded in core principles that define MSA’s high performance culture of excellence, the MSA Leader model guides the development of current and aspiring leaders.

It outlines the traits, knowledge, competencies, and experiences that MSA requires for successful leadership while encouraging leaders to remain true to their personal styles.

Second, the MSA Leadership model sets the expectations of MSA people leaders.

Grounded in our culture, values and the MBS that define MSA’s high performance culture of excellence, the MSA Leadership model guides the development of current and aspiring leaders.

The model is the foundation of leadership development at MSA.

13 unchanged sentences

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.

Invoicing and the delivery of larger orders can affect sales patterns variably across all reportable segments.

The fourth quarter is also impacted by holidays which reduces the number of working days and may impact the timing of delivery of orders at year end.

Invoicing and the delivery of larger orders can affect sales patterns variably across both reportable segments.

Available Information — Our Internet address is www.MSAsafety.com.

4 unchanged sentences

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.

What changed 10-K

Item 1. Business