PPE manufacturer Mine Safety Appliances Co. said its board of directors has approved a plan to restructure into a holding company. As part of the restructuring plan, the company will change its legal name to MSA Safety Inc.
Under the new structure, MSA Safety Inc. will serve as the holding company for a group of reorganized subsidiaries, Pittsburgh-based MSA said. The new holding company will have the same charter, bylaws, board of directors, officers and ticker symbol that MSA has today.
"The realignment steps we are announcing provide MSA with several benefits as we chart the future course for the company," CEO William Lambert said. "For instance, the new structure will enable better operational efficiency and provide greater flexibility to implement elements of our corporate strategy as that strategy evolves over time. In addition, the holding-company model provides broader options to enhance financial transparency of our numerous business units."
The restructuring will not involve any layoffs or plant closings, Lambert noted. He also said it will have no effect on MSA's customers or the day-to-day roles and responsibilities of MSA's global employees.
"We are taking this action because we have excellent growth potential around the world and this realignment will enable us to better realize that potential while maintaining the strong equity of the MSA brand that has been built over the last century," Lambert said.
In February, MSA reported fourth-quarter 2013 revenue of $291 million, a 3 percent increase over fourth-quarter 2012. The company reported full-year 2013 revenue of $1.1 billion.