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MSA Safety appoints Steve Blanco as new CEO

EditorNatashya Angelica
Published 23/02/2024, 08:56 am
© Reuters.
MSA
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PITTSBURGH - MSA Safety, Inc. (NYSE: NYSE:MSA), a company specializing in the development of safety products, has announced the appointment of Steve Blanco as its new Chief Executive Officer, effective May 10, 2024. The decision comes as part of a planned management succession, coinciding with the current Chairman and CEO Nish Vartanian's intention to retire in May after a distinguished tenure with the company.

Blanco, 57, currently the President and Chief Operating Officer of MSA, has also been elected to the company's Board of Directors, effective immediately. His leadership tenure has seen significant growth, with the company's Americas segment revenue increasing by over 40 percent from 2018 through 2022. Blanco has been instrumental in key acquisitions and the development of the MSA Business System, aimed at fostering continuous improvement and innovation within the organization.

Vartanian, who joined MSA in 1985 and has led the company as CEO since 2018, expressed his confidence in Blanco's leadership capabilities and his contribution to the company's growth trajectory. Vartanian will continue to serve on the MSA Board and has also been named a director of Koppers Inc.

Robert A. Bruggeworth, MSA's lead independent director, acknowledged Vartanian's leadership, especially during the challenges posed by the COVID-19 pandemic, and expressed the Board's confidence in Blanco's ability to guide the company into the future.

Blanco's background includes roles at Eaton (NYSE:ETN) Corporation, Ford Motor Company (NYSE:F), and Visteon (NASDAQ:VC), with a focus on engineering, plant management, and operations. He holds a Bachelor of Science in mechanical engineering technology from Purdue University and an MBA from Indiana Wesleyan University. Blanco also serves on the board of the National Association of Manufacturers (NAM) and Catholic Charities of Pittsburgh.

MSA Safety, established in 1914, is recognized as a global leader in safety technology and solutions, with a mission to protect workers and infrastructure. The company, which celebrated its 110th year in 2024, reported revenues of $1.8 billion in 2023 and employs over 5,000 associates across its international locations. This leadership transition marks a new chapter for MSA as it continues to lead in safety innovation.

This report is based on a press release statement from MSA Safety.

InvestingPro Insights

As MSA Safety (NYSE: MSA) gears up for a leadership change with Steve Blanco set to take the helm as CEO, the financial outlook and market performance of the company remain key areas of interest for investors. MSA's commitment to safety innovation is reflected not only in its product development but also in its financial health and market position.

According to InvestingPro data, MSA boasts a market capitalization of $7.06 billion, illustrating its substantial presence in the safety equipment industry. The company has demonstrated robust revenue growth, with an increase of 17.0% over the last twelve months as of Q1 2023. This growth is a testament to the company's expansion and operational success, which Blanco has been a part of as President and COO.

Investors may note that MSA is trading at a high earnings multiple, with a P/E ratio of 120.6 and an adjusted P/E ratio for the last twelve months as of Q4 2023 at 41.74. This indicates high expectations from investors regarding the company's future earnings potential. Additionally, the Price / Book ratio stands at 7.33, suggesting that the market values the company's assets considerably.

From an income perspective, InvestingPro Tips highlight that MSA has raised its dividend for 10 consecutive years and has maintained dividend payments for an impressive 52 consecutive years. This could be especially appealing for income-focused investors seeking stable dividend-paying stocks. Moreover, net income is expected to grow this year, and two analysts have revised their earnings upwards for the upcoming period, signaling potential optimism around the company's profitability under the new leadership.

For investors intrigued by MSA's financials and interested in further insights, there are additional InvestingPro Tips available that could provide deeper analysis and more comprehensive data. To explore these insights and make well-informed investment decisions, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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