MSA Safety CEO says acquisitions are driving growth and record sales

William M. Lambert — MSA Safety chairman, president and CEO — told shareholders Wednesday that acquisitions were a big reason the Cranberry safety products company reported record sales of $1.15 billion last year.

Mr. Lambert also said he expects a new thermal imaging camera that can be attached to breathing equipment that firefighters use and a new line of gas detection monitors will help drive sales growth.

“Acquisitions played an important role in our success,” Mr. Lambert told shareholders and employees gathered at MSA’s headquarters for the annual shareholder meeting.

He cited the October 2015 acquisition of Latchways, a United Kingdom company that makes fall protection equipment. The $190 million transaction doubled MSA’s sales in the fall protection business,the fastest growing segment of the safety market,Mr. Lambert said.

Latchways’ sales grew 21 percent last year, with about 80 percent of the sales generated outside the U.S., Mr. Lambert said.

Products developed within the past five years accounted for about a third of MSA’s 2016 sales, he said.

The new thermal imaging camera, which allows firefighters to see in fire and smoky environments, can be latched to breathing equipmentMSA introduced to the firefighter market in 2014. The innovation allows firefighters to use the camera to assess the situation and respond without having to keep holding the lightweight camera.

Mr. Lambert said the device generated thousands of possible sales leads at a firefighter industry convention last month.

He also highlighted the 2cent increase in MSA’s quarterly dividend announced last week. It marks the 50th consecutive year the dividendhas been increased.

At the meeting, shareholders re-elected Mr. Lambert and two other directors and approved the company’s executive compensation policy.

MSA shares closed Wednesday at $77.17, down $1.76. They are up 11 percent this year.