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EXHIBIT 99.1
FROM: Ketchum
Six PPG Place - Pittsburgh, Pa. 15222-5488
Contact: Mark Deasy - (412) 456-3843
FOR: MSA (Mine Safety Appliances Company)
Ticker: MSA (AMEX)
Contact: James E. Herald, VP - Finance & CFO
Phone: (412) 967-3000
E-Mail: [email protected]
FOR IMMEDIATE RELEASE
MSA SELLS STOCK TO PENSION PLAN
June 27, 2000, PITTSBURGH -- John T. Ryan III, chairman and chief
executive officer of Mine Safety Appliances Company (MSA), announced today
the sale of 1.1 million shares of common stock to the MSA pension plan at
a price of $24.00 per share. Proceeds of the sale will be used to reduce
debt incurred to fund the purchase of 1.9 million shares of stock from the
estate and family of Mrs. Helen Ruth Henderson. Mrs. Henderson, who passed
away last summer, was the daughter of Mr. George H. Deike, Sr., a co-founder
of MSA.
The company announced the purchase of the Henderson shares on June
20, 2000. At that time the company noted it was exploring the possible sale
of shares to its pension plan.
There were approximately 12.7 million shares outstanding as of May
31, 2000. The combined effect of these two transactions has been to reduce
the total shares outstanding to 11.9 million, a reduction of 6.3%. The combined
financial impact is expected to be accretive to earnings per share and return
on shareholders' equity.
MSA is the world's leading provider of quality products and services
that protect people's health, safety and the environment. The company has
annual sales of about $500 million, manufacturing operations throughout
the United States and 29 international affiliates.
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