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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 - (412) 967-3376
FOR IMMEDIATE RELEASE
MSA To Purchase Stock from Estate and Family of Company Co-Founder
June 20, 2000, PITTSBURGH -- John T. Ryan III, chairman and chief
executive officer of Mine Safety Appliances Company (MSA), announced today the
agreement to purchase the stock in the company held by the estate and family of
Mrs. Helen Ruth Henderson, who passed away last summer. Mrs. Henderson was the
daughter of Mr. George H. Deike, Sr., a co-founder of MSA.
Proceeds from the sale will assist in the funding of the HRH
Foundation, the major beneficiary of Mrs. Henderson's estate, whose ongoing
investment strategy is driven by its philanthropic purposes, which may differ
from the needs of an individual or private owner. The company also agreed with
the request of the Henderson family to purchase most of the remaining shares
they wish to sell for tax and other purposes. The Henderson family will retain
a small portion of their previous holdings.
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Under the agreement, the company will purchase approximately 1.9
million shares at a price of $25.00 per share. The purchase will be funded by a
combination of available cash and a privately placed debt issue. The company is
also exploring the possible sale of some shares to its pension plan. The
transaction is expected to be accretive to earnings per share and return on
equity of the remaining shareholders. The purchase by the company of these
shares, which are 13.5% of the total outstanding, avoids potential disruption to
the market for the company's stock.
Mr. George H. Deike, Sr. was a co-founder of MSA in 1914. The
organization grew and prospered with his distinguished service, which continued
up to his death at the age of 83. His family's role in MSA was continued by his
son, George H. Deike, Jr., an MSA executive and a director for several decades;
his son-in-law, Benson G. Henderson, a director of the company from 1981 to
1990; and his granddaughter, Helen Lee Henderson, a director since 1991. The
company has accepted Miss Henderson's request to be relieved of her
position as a member of the company's Board of Directors.
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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