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|Globe Manufacturing Acquired by Pennsylvania Company|
|Published Wednesday, June 28, 2017|
From Left: Globe Manufacturing co-owners Don Welch, Gef Freese and Rob Freese on the factory floor. Photo: Cheryl Senter, courtesy of the NH Charitable Foundation
MSA Safety in Pennsylvania, a developer and manufacturer of safety products for people and facility infrastructures, entered into a definitive agreement to acquire Globe Holding Company in Pittsfield for an all-cash transaction valued at $215 million. Founded in 1887, Globe is North America’s oldest and largest manufacturer of firefighter protective clothing and boots, with annual revenue of approximately $110 million and 420 employees at four U.S. locations.
Don Welch, president of Globe, says “From the start, this acquisition has been about securing the future of Globe with a good fit for both organizations...we see this acquisition as a great match for Globe and for MSA on all of these fronts.”
The transaction is expected to close in the third quarter of 2017, subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals. In connection with the transaction, Reed Smith in Pennsylvania is providing legal counsel to MSA and Devine Millmet in Manchester is providing legal counsel to Globe. Belden Hill Partners in Connecticut is acting as financial advisor to Globe.
“The acquisition of Globe comes at a time when the fire service industry is undergoing a significant mindset shift regarding firefighter health and wellness,” says William M. Lambert, chairman and CEO of MSA. “This acquisition nicely positions MSA and Globe to meet those needs as well as any potential increase in the demand for firefighter turnout gear."
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