MSA Safety’s Acquisition Strategy Is Heating Up—Is M&C TechGroup Just the Beginning?

MSA Safety reported third-quarter performance that reflected both underlying business resilience and near-term headwinds, resulting in mid-single-digit growth and solid cash generation. Consolidated sales increased 8% year-over-year to $468 million, supported by strong momentum in detection products and industrial PPE, while fire service experienced a modest organic decline due to timing delays impacted by FEMA’s Assistance to Firefighters Grant (AFG) awards and the U.S. government shutdown. Organic sales grew 3%, including positive contributions from fall protection and connected detection offerings, partially offset by a decline in fire service orders. The acquisition of M&C TechGroup added 4% to reported growth and showed early integration success with identified cross-selling opportunities. Sequentially, adjusted operating margins improved, though they contracted 50 basis points year-over-year due to elevated tariff, FX, and inflationary pressures. While gross margins declined 140 basis points to 46.5%, stable SG&A controls and tariff mitigation plans helped cushion the impact.