MSA-Latchways graphic
Global safety equipment manufacturer MSA Safety Inc. has completed the acquisition of Latchways plc, a UK-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 billion globally. Latchways’ 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.
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.
“We’re very excited about finalizing this transaction and bringing our two great companies together,” Lambert said. “There are many synergies that make this acquisition an excellent fit for both organizations, including an industry leading product line, a highly complementary geographic footprint and a mutually intense focus on driving customer satisfaction and loyalty. Most importantly, our companies have very similar cultures built on integrity and defined by a passion for innovation and a commitment to one mission: protecting and saving lives.”
Over the past several weeks, Lambert said the company has focused on developing a comprehensive cross-functional integration process designed to ensure the success of the venture.
“At the center of this process is a joint integration team comprised of functional area business leaders from both organizations,” he explained. “As we prepared for the closing of the transaction, this team made great progress in developing a precise process-driven blueprint to ensure the integration is fully planned and effectively executed. Needless to say, with the required legal steps now completed, we’re very excited to be in a position to put this plan into action,” he said.
For more information, visit www.msasafety.com.
