MSA Safety Annual Report 2024

FY2024 Annual Report · MSA Safety
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CONNECTIONS
Annual Report 2024

Net Sales 
BY SEGMENT
  Americas
  International
69%
31%
$1.8B
25%
39%
36%
BY PRODUCT CATEGORY
  Fire Service
  Detection
  Industrial PPE and Other
$1.8B
OUR MISSION 
That men and women may work in safety and that they, their families and their 
communities may live in health throughout the world. 
OUR VISION 
 
To be the world’s leading provider of safety solutions that protect workers when life is  
on the line. We pursue this vision with an unsurpassed commitment to integrity, customer 
service and product innovation that creates exceptional value for all MSA stakeholders.
Business of MSA Safety
MSA Safety is the global leader in advanced safety products, technology and solutions that 
help protect people and facility infrastructures throughout the world. MSA’s key products 
include firefighter safety gear, including self-contained breathing apparatus, protective 
apparel and helmets; detection technologies, including fixed gas and flame detection 
systems and portable gas detection instruments; and industrial personal protective 
equipment, including head protection and fall protection devices.
MSA’s technologies are used globally 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.
MSA is headquartered in Cranberry Township, Pennsylvania, with operations employing 
more than 5,000 associates throughout the world. A publicly held company, MSA’s stock 
is traded on the New York Stock Exchange under the symbol MSA.
About the Cover 
In 2024, MSA Safety’s mission impacted more 
than 40 million workers* worldwide through 
the use of our safety products and solutions. 
Our success in protecting lives, safeguarding 
facility infrastructures and preserving the planet 
was fueled by deep, unwavering connections 
with our customers, associates, investors 
and the communities we call home. These vital 
relationships, illustrated on the cover, nurture 
a culture of innovation, collaboration, trust 
and social responsibility. Together, they form 
the bedrock of a resilient, thriving business that,  
for 110 years, has stayed steadfast to its singular 
mission: safety.
* Note: As of December 31, 2024, workers impacted is an estimate based on internal data, third-party and internal market 
research, product expert opinions and certain assumptions, and is subject to change.

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2 0 2 4  F I N A N C I A L  H I G H L I G H T S
KEY FINANCIAL METRICS
COMMITMENT TO INNOVATION
STRONG BALANCE  
SHEET & CASH FLOW
CONSISTENT & GROWING CAPITAL RETURNS TO SHAREHOLDERS
* Organic net sales change highlights ongoing business performance and excludes the impact of foreign currency fluctuations and acquisitions in the period.  
Fire Service includes Self-Contained Breathing Apparatus and Firefighter Helmets and Protective Apparel. Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. 
Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Other PPE Sales.
** Percentage of net sales; includes capitalized software development costs.
This page includes certain non-GAAP financial measures. These financial measures include organic sales change, adjusted operating income, adjusted operating margin, 
adjusted earnings per diluted share, R&D investment, free cash flow and free cash flow conversion.
Adj. Operating Income
22.9% margin, +70 bps
$414M
Gross Margin
-10 bps
47.6%
+10% growth
Adj. EPS
$7.70
$1.8B 
+2% organic growth
Net Sales
37%
Sales Vitality
% of sales from 
products developed 
and launched over 
the past 5 years
4.4%
of net sales
R&D Investment**
KEY METRICS
ORGANIC NET SALES CHANGE BY PRODUCT CATEGORY*
-2%
Industrial PPE and Other
+4%
Fire Service 
+2% 
Detection
Dividends Per Share of Common Stock
2020
$1.71
2021
$1.75
2023
$1.87
2024
$2.00
2022
$1.82
$79M
dividends paid  
to shareholders
50+
consecutive  
years of  
dividend increases
net leverage
0.7x
80% free cash flow 
conversion
$242M
Free Cash Flow
FL5000 Flame Detector
V-Gard H2™ Safety Helmet
Cairns® 1836 Fire Helmet
$30M
repurchases of 
common stock

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TO OUR MSA COMMUNITY:
Everything we do at MSA Safety is focused on 
growing the number of workers, facilities and critical 
infrastructures we help to protect, all in service to our 
mission. As associates of MSA, that mission connects 
us to our customers as the global leader in advanced 
safety products and solutions that provide important 
protections in challenging environments.
Continued Profitable Growth
Through the efforts of the MSA team, we executed 
with resilience in what was a dynamic year, a tribute 
to our team’s focus on serving our mission.
Net sales growth was 1% on a reported basis 
and 2% on an organic basis, compounding on top 
of the 17% reported growth we delivered in 2023. 
We continued to improve our operating performance  
and further increased the strength of our balance 
sheet. For the year, our team delivered double-digit 
earnings per share (EPS) growth and solid operating 
margin expansion.
We leveraged our market-leading innovation and new 
product development process to continue to provide 
innovative products and solutions across our product 
categories in 2024. We also leaned into the growth 
accelerators in our corporate strategy, Accelerate.
In Detection, we bolstered our fixed gas and flame 
detection portfolio with the release of the FL5000 
Multi-Spectrum IR Flame Detector. Connected portable 
gas detection devices were our fastest-growing category 
in 2024, where we accelerated our customer solutions 
and recurring revenue through our MSA+ Connected 
Work Platform — including the new MSA Grid Shared 
Alerts capability that notifies team members when 
THROUGH THE EFFORTS 
OF THE MSA TEAM, 
WE EXECUTED WITH 
RESILIENCE IN WHAT 
WAS A DYNAMIC YEAR,  
A TRIBUTE TO OUR 
TEAM’S FOCUS ON 
SERVING OUR MISSION.
Steven C. Blanco 
President and Chief Executive Officer

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CONNECTIONS | MSA Safety 2024 Annual Report
an alarm is triggered. It was exciting to see both 
existing customers and those new to MSA Safety 
embrace the MSA+ solution set.
In the Fire Service, we launched the new Cairns 1836 
Fire Helmet, one of the lightest-weight traditional-
style fire helmets available that meets National Fire 
Protection Association (NFPA) standards.  
We also completed work on our next-generation 
G1 Self-Contained Breathing Apparatus (SCBA) 
and submitted it to NFPA for its approval to the new 
2025 standard. Enhancements to our Connected 
Firefighter Platform continued to bring innovative 
safety technologies to first responders worldwide.
And, in Industrial PPE, we released our newest industrial 
head protection solution, the V-Gard H2 Safety Helmet. 
In addition to our leading position in head protection, 
we are quickly growing share and gaining above-
market growth in fall protection. Our V-SERIES® line 
of fall protection harnesses offers excellent comfort 
and fit. Falls are a leading cause of worker injuries 
and fatalities, and we remain committed to developing 
solutions that make a true impact on this hazard 
and position MSA as a leader in the market. 
As an organization, we continued 
to apply the principles of the 
MSA Business System (MBS)  
to drive continuous improvement 
in all we do. 
Our strong financial profile and balance sheet enabled 
effective capital allocation through organic growth 
investments and the return of capital to shareholders  
in the form of dividends and share buybacks.  
 
The strong connections that MSA Safety shares with our customers are rooted in the company’s long history of delivering innovative products and  
solutions that help keep workers safe in challenging environments. 

4
Our balance sheet continues to provide us tremendous 
optionality to invest in our business for the future, 
as outlined in our Accelerate strategy, to enable strong, 
long-term returns to our shareholders.
We remain encouraged by positive long-term trends 
in industrial safety technology, and we are confident 
in our innovation pipeline, the overall resiliency of 
our business and the continued evolution of MBS. 
They are primary drivers of the long-term growth 
targets we issued for 2028, which include organic 
revenue growth of 3–5% and operating margin 
expansion with a target of 30–50 basis points, annually.
Inspired by ‘Save Stories’
Our teams are motivated every day by our mission 
of safety. We draw special inspiration from the stories  
of customers who, with the assistance of MSA products 
and solutions, were able to return home safely after 
encountering life-threatening situations. Some even 
saved the lives of others.
Examples from 2024 include: 
A firefighter who was pulled back from the void  
of a missing floor by a colleague equipped with  
our LUNAR® handheld wireless device.  
Its enhanced 
thermal imaging 
capability with 
edge detection 
identified the  
hazard, helping 
to prevent a serious 
injury — or worse.
A cable installer who was alerted to high levels 
of carbon monoxide (CO) in his enclosed mobile 
workspace by a co-worker wearing our ALTAIR io™ 4 
gas detector. Had the worker remained there,  
he could have lost consciousness due to the 
elevated CO levels and never awakened.
Firefighters who were able to locate and rescue 
residents trapped inside a raging housefire, using  
the integrated thermal imaging camera on their  
MSA G1 SCBA. The department had recently 
upgraded to the new equipment, which local  
news coverage credited with saving lives and 
helping to keep firefighters safe.
These stories — and others like them — exemplify the 
deep, personal connections and trust that MSA Safety 
associates share with the more than 40 million workers 
we help to protect each year.
 

5
CONNECTIONS | MSA Safety 2024 Annual Report
BY EMBEDDING OUR TEAMS WITH OUR CUSTOMERS, WE GAIN VALUABLE 
INSIGHTS THAT ENABLE US TO CREATE MEANINGFUL SOLUTIONS TAILORED 
TO THEIR NEEDS, ALLOWING THEM TO FOCUS FULLY ON THEIR WORK.
Delivering Solutions Through Strong 
Customer Connections
At MSA Safety, our customers are at the heart of everything 
we do.
Our connections with those who place their trust in the 
MSA brand are how we truly understand their unique 
needs and challenges. By engaging directly with our 
customers, we identify their pain points and develop  
solutions that enhance their safety and efficiency.
This commitment involves spending extensive time 
on-site, such as participating in live-burn training with 
firefighters to grasp their unique challenges, observing 
portable instrument users to improve gas detection 
data collection, and studying warehouse operations 
to enhance fall protection systems.
By embedding our teams with our customers, we gain 
valuable insights that enable us to create meaningful 
solutions tailored to their needs, allowing them to focus 
fully on their work.
In 2024, we were honored to be recognized for the 
second time as an Outstanding Corporate Innovator 
by The Product Development and Management 
Association. The award highlights our dedication 
to innovation and our customer-centric approach 
to developing products and solutions that enhance 
worker safety worldwide.
Everything at MSA Safety starts and ends with our customers. We stay closely  
connected to them — listening to their needs and working together to help them  
achieve their safety and productivity goals.

6
Driving Our Strategy to  
Accelerate Growth
MSA Safety has proven to be a great fit for those who 
want to invest in a company that serves an important 
role in society and generates compelling returns.
The investor day we hosted in May helped us tell our 
story and deepen our connection with stakeholders. 
We offered an in-depth look at our resilient business 
and our long-term strategy for driving sustainable, 
profitable growth. We introduced our 2028 financial 
targets, which I noted earlier in this letter. 
Our Accelerate strategy is based on our belief that we 
are uniquely positioned to drive superior performance 
within our sector.
 
Accelerate begins with our continued focus on being 
the leader in premium safety solutions in core business 
areas, and on targeted categories where we think we 
have a competitive advantage and can accelerate 
our growth — including Connected Portables, Fixed 
Detection and Monitoring, and Fire Services. Our MBS 
serves as the foundation for how work gets done, 
and it is a key driver and enabler of our strategy.
The progress we made during the year provides us 
with a solid foundation to build on, and it reinforces 
our confidence and commitment to our strategy 
and 2028 goals.
MSA Safety connected with institutional investors and financial analysts at our May 2024 investor day in New York City, where company leaders provided detailed 
insights on our products, performance and strategy.

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CONNECTIONS | MSA Safety 2024 Annual Report
The associates of MSA Safety are connected by a shared passion for our mission and dedication to the safety of the more than 40 million workers we help protect each year.
OUR GREATEST STRENGTH AT MSA SAFETY IS THE MORE THAN 5,000 
ASSOCIATES WE EMPLOY WORLDWIDE. 
Strengthening Connections  
with Our People  
Without question, our greatest strength at MSA 
Safety is the more than 5,000 associates we employ 
worldwide. Their passion, dedication and talent enable 
our company to consistently deliver on our mission, 
and will help drive our continued growth and success.
To make this connection even stronger, our Executive 
Leadership Team and I have made it a priority to 
establish continuous touchpoints with our global 
workforce — both virtually and on-site.
Among the ways we are meeting this commitment 
is by holding sessions at MSA Safety locations around 
the world. In keeping with our MBS behaviors, these 
sessions routinely include town hall meetings, as well 
as Gemba Walks, which give us fresh insights from 
connecting with our teams firsthand.
Additionally, twice during the year, I hosted a global 
event for all associates to connect and engage either 
virtually or in person as one global organization.  
Our mid-year event took place to calibrate on 
our progress to date and provide insights on our 
Accelerate strategy. 
Our year-end event, MSA Connections, provided  
us with the opportunity to celebrate special 
achievements through the presentation of our annual 
awards and dedicated time for associates at all 
locations to engage.

8
As a measure of our strong connections, we were 
proud to be recognized in 2024, for the 11th time, 
as one of Western Pennsylvania’s Top Workplaces 
by the Pittsburgh Post-Gazette — an award 
based exclusively on feedback from our associates. 
When we think about connections with our customers, 
communities and shareholders, we were also proud 
to be recognized in 2024 by Forbes as one of America’s 
Most Trusted Companies and by Newsweek as one 
of America’s Most Responsible Companies. 
I look forward to building on these efforts, which 
are critical to fostering the relationships that enable 
us to better partner on our shared mission.
Connecting with Our Communities 
Through Sustainable Business Practices
MSA Safety’s connections to our communities have 
deep roots. In fact, our communities hold a prominent 
place in our mission: That men and women may 
work in safety and that they, their families and their 
communities may live in health throughout the world.
Our commitment to serving them as a sustainable 
business can perhaps best be seen through the lens 
of our corporate social responsibility impact pillars: 
Products & Solutions, People and Planet.
Our Products & Solutions are used globally in a  broad 
range of markets. As we first noted in our 2023 Impact 
Report, MSA’s products and solutions help protect more 
than 40 million workers annually.
Our People enable us to be a global leader in innovative 
safety products and solutions. 
Actively supporting the communities where we live and work is a long-
standing tradition at MSA Safety. Helping to develop the next generation 
of safety leaders with Junior Achievement, enhancing the environment with 
a tree-planting initiative in France, and installing smoke detectors in at-risk 
neighborhoods with the American Red Cross are just a few examples of how 
we connected with our communities in 2024.

9
CONNECTIONS | MSA Safety 2024 Annual Report
WHEN WE THINK ABOUT THE CONNECTIONS THAT ARE FUNDAMENTAL TO 
THE SUCCESS OF MSA SAFETY, WE CANNOT OVERLOOK OUR CONNECTION 
TO OUR VERY OWN HISTORY.
We work to ensure our associates know they can achieve 
their full potential, and we strive to create a robust and 
sustainable talent pipeline so we can best solve today’s 
safety challenges and anticipate those of tomorrow.
Our Planet impact pillar encompasses our 
commitment to being a good environmental steward, 
with a focus on reducing waste and improving 
efficiency in areas such as energy and water use.  
We were recognized by Newsweek in 2024 as one 
of America’s Greenest Companies.
Building on Our Impressive Legacy
When we think about the connections that are 
fundamental to the success of MSA Safety, we cannot 
overlook our connection to our very own history. 
Beginning with our founders, John T. Ryan, Sr. 
and George H. Deike, the associates of MSA Safety 
have established a continuous legacy of innovation 
and commitment to a mission that spans more 
than a century. We stay true to the principles that 
have endured since our founding in 1914, and are 
more focused than ever on delivering quality, value, 
performance, innovation, and the best products, 
technology and service for our customers.
As MSA’s tenth CEO in our 110-year history, I have 
gained an even deeper appreciation for the incredibly 
strong connections our company has forged 
throughout our storied history. These connections — 
with our customers, shareholders, associates and 
communities — drive the singular mission of safety 
that helps protect more than 40 million workers 
around the world each year. And it’s what will enable 
our continued success in the future … all centered 
on our mission of protecting lives. 
To all our stakeholders, I extend my sincere thanks 
for being a part of our journey.
Steven C. Blanco 
President and Chief Executive Officer

10
2024  
FINANCIAL CONTENTS
Business of MSA	
4	  
Management’s Discussion and Analysis	
26	  
Financial Statements and Supplementary Data	
36 
	
Consolidated Statements of Income	
40	
	
Consolidated Statements of Comprehensive Income	
41	  
	
Consolidated Balance Sheets	
42	  
	
Consolidated Statements of Cash Flows	
43	  
	
Consolidated Statements of Changes in Retained Earnings 
and Accumulated Other Comprehensive Loss 	
44	 
	
Notes to Consolidated Financial Statements	
45

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Other annual reports

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Peers & competitors

0KA8.L LogicMark, Inc. ↗ SECUF SSC Security Services Corp. ↗ JNEO.L Journeo plc ↗ NL NL Industries, Inc. ↗ EVLV Evolv Technologies Holdings, Inc. ↗