Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today announced that it has completed the acquisition of Latchways plc, a United Kingdom-based provider of innovative fall protection systems and solutions. Latchways employs approximately 250 people globally and had 2015 revenues of approximately $50 million. The transaction, which MSA announced in early September, is valued at approximately $190 million and is being funded with existing cash balances held outside the U.S. and incremental borrowing with an after-tax cost of less than two percent.
With the acquisition complete, MSA immediately and significantly broadens its existing line of fall protection products, strengthening the company’s position in the global fall protection market, which is estimated to be between $1.5 and $2.0 billion globally. Lachways’ highly engineered fall protection systems include both horizontal lifelines and vertical fall arrest systems and are used in the utilities, telecom, construction and aircraft market segments. “Our acquisition of Latchways effectively doubles our fall protection business and it advances our core product focus – which is a key element of Corporate Strategy. Equally important, it strengthens MSA’s position in what is widely considered to be one of the fastest growing segments of the global safety market,” said William M. Lambert, MSA Chairman, President and CEO. Mr. Lambert added that the acquisition accelerates a key element of MSA’s long-term corporate strategy to provide a broad line of fall protection product offerings, particularly within the area of engineered systems.
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