© mailthepic dreamstime.com General | April 08, 2019
MSA Safety to buy Sierra Monitor, expand reach
Global safety equipment manufacturer MSA Safety Inc. has signed a definitive agreement to buy IIoT solutions provider Sierra Monitor Corporation, allowing MSA to expand its reach in connected safety products. Under terms of the agreement, Sierra Monitor Corporation will become an indirect, wholly owned subsidiary of MSA Safety.
In a press release, Sierra Monitor President and CEO Jeff Brown said, “MSA Safety is a recognized leader in safety solutions, and we are excited to join such a well-respected organization. SMC will bolster MSA’s strong industrial solutions, and we believe MSA’s customer base will embrace SMC’s advanced industrial internet of things (IIoT) solutions, helping accelerate our growth. Together, SMC and MSA are industry leaders, with scale, reach, and a proven ability to develop advanced solutions to meet the evolving needs of our customers.” Upon closing, each issued and outstanding share of SMC common stock (other than shares owned or held in treasury by SMC) will be cancelled and automatically converted into the right to receive USD 3.25 in cash, without interest, representing a 55% premium to the closing price on March 28, 2019. Under the Merger Agreement, at the effective time of the Merger, MSA Safety will assume vested or unvested and outstanding SMC stock options and restricted stock awards granted to SMC employees. MSA Inc. is a 105-year old company headquartered near Pittsburgh, Pennsylvania, with 3,500 employees around the world.