MSA Safety (MSA) Stifel London Industrials Summit 2024 summary

Company overview and business segments

• Focuses exclusively on safety solutions, with a 110-year history and strong market positions in firefighter protection, detection, and industrial PPE.

• Firefighter protection business nearly doubled in size over the last decade, with a growing emphasis on fall protection.

• Detection business has been the fastest-growing segment, driven by organic growth and acquisitions, serving diverse industrial markets.

• Industrial PPE, especially hard hats and fall protection, remains resilient despite economic headwinds, supported by innovation and infrastructure investments.

• Innovation and customer-centric product development are central to maintaining leadership and driving growth.

Regulatory and market environment

• Increasing global focus on safety standards and compliance, accelerated by events like COVID-19, is a growth driver.

• Companies and governments are standardizing safety protocols across locations, raising the bar for equipment and prevention.

• Detection products play a key role in incident prevention, aligning with evolving safety priorities.

Fire safety and funding trends

• SCBA replacement cycles are influenced by regulatory standards, with incremental changes expected in the near term.

• U.S. federal funding for fire safety, including the Assistance to Firefighters Grant, remains secure and supports consistent mid-single-digit growth.

• Recent large Air Force SCBA orders total $63 million, with deliveries spanning late 2023 to early 2025.

• Turnout gear business is growing, driven by recurring demand, supply chain recovery, and trends like dual gear sets and PFAS-free materials.