Here are 1-3 brief analogies to describe MSA Safety (MSA):

• The Honeywell of specialized industrial and firefighter safety equipment.
• The 3M for critical life-saving industrial safety products and detection systems.
• The Johnson Controls for critical industrial safety and gas/flame detection systems.

• Fixed Gas and Flame Detection Instruments: Permanently installed systems, including gas detection monitors, flame detectors, and open-path infrared gas detectors, along with related services, to detect various gases.
• Breathing Apparatus Products: Self-contained breathing apparatus (SCBA) designed to provide breathable air in hazardous environments.
• Portable Gas Detection Instruments: Hand-held devices used for mobile detection of various gases.
• Industrial Head Protection Products: Equipment designed to protect the head in industrial settings.
• Firefighter Helmets and Protective Apparel: Specialized helmets and clothing providing protection for firefighters.
• Fall Protection Equipment: Products such as harnesses, lanyards, self-retracting lifelines, and confined space equipment to prevent falls.
• Air-Purifying Respirators: Devices that filter contaminants from the air to protect the user's respiratory system.
• Eye and Face Protection Products: Gear designed to safeguard the eyes and face from hazards.
• Ballistic Helmets: Helmets engineered to offer protection against ballistic threats.
• Gas Masks: Devices providing respiratory protection against harmful airborne substances and toxic gases.

MSA Safety (MSA) primarily sells its safety products to other companies.

Based on the provided background information, while specific names of individual customer companies are not disclosed, its major customers are organizations and entities operating within the following broad industry categories:

• Oil, Gas, and Petrochemical Industries: Companies involved in the extraction, processing, and distribution of oil, natural gas, and petrochemical products.
• Fire Service: Fire departments and other emergency response organizations.
• Construction Industry: Businesses engaged in various building and infrastructure projects.
• Industrial Manufacturing Applications: Factories and plants across a range of manufacturing sectors.
• Utilities: Companies providing essential services such as electricity, water, and gas.
• Military: Defense organizations and armed forces.
• Mining Industry: Companies involved in mineral extraction and processing.

The company also serves these end-users through distributors, utilizing both indirect and direct sales channels.

Steven C. Blanco, President and Chief Executive Officer

Mr. Blanco joined MSA Safety in 2012 and was elected CEO, effective May 10, 2024, after serving as President and Chief Operating Officer. He previously led the Americas business segment from 2017 to 2022, overseeing revenue growth of over 40%. During his tenure, he was instrumental in the acquisitions and integrations of Globe Manufacturing, Sierra Monitor, and Bacharach. Before joining MSA, he held roles at Eaton Corporation as Vice President of Manufacturing for the Electrical Sector, and in engineering, plant management, and operations at Ford Motor Company and Visteon.

Julie A. Beck, Senior Vice President, Chief Financial Officer and Treasurer

Ms. Beck was appointed Senior Vice President, Chief Financial Officer and Treasurer, effective August 18, 2025. Prior to MSA Safety, she served as Senior Vice President and Chief Financial Officer for Terex Corporation, where she directed financial strategies and business transformation initiatives, contributing to sales growth and improvements in earnings per share and cash flow. She also held the position of Senior Vice President and Chief Financial Officer for Nova Chemicals Inc. (a petrochemicals producer with approximately $4 billion in revenue) from 2016 to 2021. Additionally, Ms. Beck served as Global Vice President of Supply Chain, Operational Excellence and Quality for Joy Global Inc., and as CFO for a large Joy Global subsidiary.

Stephanie L. Sciullo, Senior Vice President and President, MSA Americas

Ms. Sciullo joined MSA Safety in 2010 and was promoted to President, MSA Americas, a role in which she is responsible for the company's business interests in the United States, Canada, and Latin America. Previously, she was Senior Vice President and Chief Legal Officer, Corporate Social Responsibility and Public Affairs. Her accomplishments include directing insurance recovery efforts for over $1 billion in assets and leading the divestment of a wholly-owned subsidiary, which was the largest strategic transaction in the company's history. Before joining MSA Safety, she practiced law with Reed Smith, LLP.

Gregory L. Martin, Senior Vice President, Chief Product and Technology Officer

Mr. Martin serves as the Senior Vice President, Chief Product and Technology Officer. Information regarding him founding or managing other companies, selling companies, or a pattern of managing private equity-backed companies is not available in the provided sources.

Richard W. Roda, Vice President, Secretary and Chief Legal Officer

Mr. Roda holds the position of Vice President, Secretary and Chief Legal Officer. Information regarding him founding or managing other companies, selling companies, or a pattern of managing private equity-backed companies is not available in the provided sources.

The key risks to MSA Safety's business are:

1. Intense Market Competition and Technological Disruption: MSA Safety operates in a highly competitive global industrial safety market, facing rivalry from both large industrial conglomerates and agile, tech-focused entrants. These newer competitors are leveraging technologies such as IoT and AI to disrupt traditional business models, potentially commoditizing traditional hardware. MSA Safety's future market position is influenced by its ability to innovate and successfully transition towards a software-centric, platform-based business model to capitalize on the shift towards predictive safety solutions and recurring revenue streams.
2. Operational Risks: The company faces ongoing operational challenges including supply chain disruptions, material shortages, and inflationary pressures that could negatively impact its business. Additionally, MSA Safety is exposed to cybersecurity threats that have the potential to compromise sensitive information and disrupt operations. Its extensive international presence also exposes it to geopolitical uncertainties, fluctuations in currency exchange rates, and changes in trade policies, all of which can materially affect its financial results and global operations.
3. Legal and Regulatory Risks, including Product Liability: Given that MSA Safety's products are designed for use in high-risk and unpredictable environments to protect people and infrastructure, the company is inherently exposed to legal and regulatory risks. This includes the potential for product liability claims if its products are alleged to cause injury or have safety or quality concerns. Navigating complex global laws and evolving environmental and sustainability expectations could also result in substantial costs or reputational damage.

The rapid advancement and deployment of autonomous inspection technologies, such as AI-powered drones and robotic systems equipped with advanced sensors for gas and flame detection, could significantly reduce the demand for traditional fixed and portable gas detection instruments. These autonomous solutions can offer continuous, wide-area monitoring, reach hazardous or inaccessible locations without human intervention, and provide real-time data analysis, potentially making them a more efficient and safer alternative to conventional hardware-centric safety monitoring systems.

MSA Safety (NYSE: MSA) anticipates several key drivers to fuel its revenue growth over the next two to three years, stemming from strategic initiatives, market trends, and product innovation.

• Expansion and Innovation within the Detection Segment, particularly Connected Safety Products: MSA Safety expects continued robust growth in its Detection segment, driven by strong demand for fixed gas and flame detection instruments and an increasing adoption of connected portable gas detectors. The company has seen significant organic growth in this segment and has introduced new products like the ALTAIR io 6 portable gas detector, which are expected to contribute to future revenue.
• Strategic Mergers & Acquisitions (M&A): A core component of MSA Safety's "Accelerate growth strategy" is disciplined capital deployment, including accretive acquisitions. The M&C TechGroup acquisition, for instance, has already contributed to revenue growth, and the company has identified significant capital deployment optionality for future strategic acquisitions.
• Recovery and Fulfillment of Delayed Orders in the Fire Service Market: Although the Fire Service segment has experienced temporary declines due to funding delays and government shutdowns, MSA Safety anticipates a recovery as these delayed orders are fulfilled. The approval of the next-generation 2025 G1 Self-Contained Breathing Apparatus (SCBA) is also expected to positively impact this segment's sales.
• Leveraging Global Safety Standards, Megatrends, and Continuous Product Innovation: MSA Safety is well-positioned to benefit from increasing global safety standards and overarching safety megatrends across its diverse end markets. The company's ongoing investment in research and development, leading to customer-centric innovation and new product launches, ensures it meets evolving safety needs and captures market share.

Share Repurchases

• On February 20, 2026, MSA Safety's Board of Directors authorized a new share repurchase program of up to $500 million of the company's common stock.
• This new authorization replaces a previous $200 million share repurchase program that was approved in 2024.
• For the full year 2025, MSA Safety executed $80 million in share repurchases.

Outbound Investments

• In May 2025, MSA Safety acquired M&C TechGroup, a manufacturer of gas analysis systems, for approximately $200 million ($189 million net of cash acquired). This acquisition was intended to expand MSA's detection solutions and capabilities in gas analysis and process safety markets.
• In July 2021, the company completed the acquisition of Bacharach, Inc. for $337 million, which expanded its gas detection technologies into the heating, ventilation, air conditioning, and refrigeration (HVAC-R) markets.

Capital Expenditures

• MSA Safety invested $68 million in capital expenditures for the full year 2025.
• These expenditures included investments related to a Cranberry expansion, aimed at supporting growth and footprint optimization.