Ruane Cunniff Sequoia Strategy Composite New Position: MSA Safety Incorporated

MSA (new position): Leading workplace safety co (~$2B rev, $7B mkt cap) specializing in SCBAs for firefighters & gas detectors. Stock weak on 2025 SCBA slowdown ahead of regulatory standards change (typical pre-change pattern, expect catch-up growth post). Bought at mid/high-teens fwd P/E. Thesis: early innings of shift to 'connected' equipment with subscription model (higher margins, multi-x lifetime rev vs traditional). Connected detectors growing rapidly from standing start, now meaningful portion of 40% detector biz. Investing heavily in connected SCBA (ahead of competitors); signed deals with LA/London fire depts. When (not if) connected SCBA launches, expect sustained rev/profit growth next 5-10yrs.

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