Financial Data and Key Metrics Changes - Consolidated reported sales growth was 3% or flat organic, with adjusted earnings per share at $1.93, exceeding original expectations [5][20] - Gross margins were pressured at 46.6%, down 170 basis points year over year, primarily due to foreign currency headwinds and inflation [21][22] - GAAP operating margin was 18.1%, with adjusted operating margin at 21.4%, down 200 basis points from the previous year [22] Business Line Data and Key Metrics Changes - Detection experienced mid single-digit organic growth, driven by fixed and portable gas detection, growing 6% organically [8][20] - Fire Service organic sales declined mid single digits year over year, impacted by market dynamics surrounding NFPA standard changes [8][9] - Industrial PPE organic sales were down low single digits, with growth in fall protection offsetting declines in head protection and ballistic helmets [11][23] Market Data and Key Metrics Changes - Americas segment sales increased 2% year over year, with double-digit growth in detection offset by declines in fire service and industrial PPE [23] - International segment sales increased 4% year over year on a reported basis, but decreased 4% on an organic basis due to declines in fire service and industrial PPE [24] Company Strategy and Development Direction - The company continues to focus on its Accelerate strategy, emphasizing organic growth, M&A, and cash returns to shareholders [12][14] - Investments in R&D and operational capabilities are aimed at achieving profitable organic growth and enhancing product offerings [15][16] - The acquisition of M and C Tech Group is expected to expand the total addressable market by $500 million and enhance fixed gas offerings [17][18] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the resilience of the business and its ability to navigate macro uncertainties, maintaining a low single-digit full-year organic growth outlook [27][29] - The timing of NFPA approval and AFG funding release will significantly impact fire service execution in the second half [28][64] - The company expects interest expense to be approximately $29 million to $32 million, including the acquisition [30] Other Important Information - Free cash flow was $38 million, representing 60% of earnings, with quarterly operating cash flow increasing more than 25% from the previous year [24][25] - The company returned over $50 million to shareholders through stock repurchases and dividends, marking the 55th consecutive year of increased annual dividends [18][26] Q&A Session Summary Question: Can you break out and quantify the growth between fixed gas, non-connected portables, and connected portables in the quarter? - Management indicated strong performance in fixed gas and MSA Plus connected portables, with most growth in the portable space attributed to MSA Plus [35][38] Question: How have customers responded to pricing actions and what was the magnitude of those actions? - Management noted that pricing actions were taken to mitigate inflation and tariff impacts, with customers generally accepting these increases [48][52] Question: What percentage of the current pipeline consists of customers committed to purchasing before the new standard? - Management refrained from disclosing specific percentages but expressed confidence in being well-prepared for both current and future customer needs [54][56] Question: What is the timing and disbursement of AFG funding? - Management confirmed that AFG funding is approved and expected to begin releasing in August [62] Question: How does the company feel about fourth-quarter seasonality? - Management expects the fourth quarter to remain strong, consistent with historical performance [64] Question: Can you elaborate on the timing of the NFPA standard change? - Management explained that the NFPA standard change involves a government approval process, with testing completion being a key milestone [78][80] Question: Is M and C Tech Group accretive to margins? - Management stated that M and C's margins are relatively similar to MSA's overall margins, thus neutral on margins but accretive to EPS [91][92]

Second Quarter 2025 Earnings Presentation August 5, 2025 Second Quarter 2025 Earnings Presentation 1 Cautionary Statements Regarding Forward-looking Statements This presentation may contain (and verbal statements made by MSA® Safety Incorporated ("MSA Safety") may contain) "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and involve various assumptions, known and unknown risks ...

Core Insights - MSA Safety reported revenue of $474.12 million for the quarter ended June 2025, reflecting a 2.5% increase year-over-year and a 6.3% surprise over the Zacks Consensus Estimate of $446.01 million [1] - The company's EPS for the quarter was $1.93, down from $2.01 in the same quarter last year, with a positive surprise of 9.66% over the consensus estimate of $1.76 [1] Revenue Performance - Net sales in the Fire Service category reached $163.31 million, exceeding the two-analyst average estimate of $160.68 million [4] - Industrial PPE and Other category net sales were $116.98 million, surpassing the average estimate of $114.28 million [4] - Detection category net sales amounted to $193.84 million, significantly above the two-analyst average estimate of $166.33 million [4] Stock Performance - MSA Safety's shares have returned -0.3% over the past month, while the Zacks S&P 500 composite has increased by 0.6% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance compared to the broader market in the near term [3]

Core Viewpoint - MSA Safety reported quarterly earnings of $1.93 per share, exceeding the Zacks Consensus Estimate of $1.76 per share, but down from $2.01 per share a year ago, indicating a +9.66% earnings surprise [1] Financial Performance - The company achieved revenues of $474.12 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 6.30% and up from $462.46 million year-over-year [2] - Over the last four quarters, MSA Safety has exceeded consensus EPS estimates four times and topped consensus revenue estimates twice [2] Stock Performance and Outlook - MSA Safety shares have increased approximately 5.7% year-to-date, compared to the S&P 500's gain of 6.1% [3] - The company's earnings outlook is crucial for assessing future stock performance, with current consensus EPS estimates at $1.97 for the upcoming quarter and $7.81 for the current fiscal year [7] Industry Context - The Security and Safety Services industry ranks in the top 37% of over 250 Zacks industries, suggesting a favorable environment for MSA Safety's performance [8] - Empirical research indicates a strong correlation between near-term stock movements and earnings estimate revisions, which can be tracked by investors [5]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides an overview of MSA Safety's Q2 2025 financial performance, strategic activities, and management's outlook [Q2 2025 Performance Highlights](index=1&type=section&id=Q2%202025%20Performance%20Highlights) MSA Safety reported $474 million net sales, 3% GAAP growth, flat organically, with $63 million GAAP net income and key strategic investments Q2 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | Net Sales | $474 million | | GAAP Sales Growth | 3% | | Organic Sales Growth | Flat YoY | | GAAP Operating Income | $86 million (18.1% margin) | | Adjusted Operating Income | $101 million (21.4% margin) | | GAAP Net Income | $63 million | | GAAP Diluted EPS | $1.59 | | Adjusted Earnings | $76 million | | Adjusted Diluted EPS | $1.93 | - Acquired M&C TechGroup, a manufacturer of gas analysis and process safety technologies, for **$188 million**, net of cash acquired[5](index=5&type=chunk) - Returned capital to shareholders through **$30 million** in common stock repurchases and **$21 million** in dividend payments[5](index=5&type=chunk) - Invested **$29 million** in capital expenditures, which includes a strategic investment to expand manufacturing and engineering capabilities at its detection Center of Excellence[5](index=5&type=chunk)[7](index=7&type=chunk) [Management Commentary & Outlook](index=1&type=section&id=Management%20Commentary%20%26%20Outlook) Management highlighted strong backlog conversion, growth in detection and fall protection, reaffirmed low-single-digit organic sales growth, and noted risks - CEO Steve Blanco emphasized strong backlog conversion and momentum in growth accelerator product categories like detection and fall protection[4](index=4&type=chunk) - The acquisition of M&C TechGroup aims to expand the addressable market, diversify end markets, and create a synergistic growth platform in gas analysis and process safety[4](index=4&type=chunk) - The company reaffirmed its full-year 2025 outlook for low-single-digit organic sales growth[7](index=7&type=chunk)[8](index=8&type=chunk) - Management acknowledged ongoing risks related to tariffs, industrial demand, and the timing of the National Fire Protection Association (NFPA) approval for its new self-contained breathing apparatus (SCBA)[7](index=7&type=chunk)[8](index=8&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) This section details MSA Safety's consolidated and segment-level financial results, including sales by product group for Q2 2025 [Consolidated Financial Results](index=2&type=section&id=Consolidated%20Financial%20Results) Q2 2025 net sales grew 3% to **$474.1 million**, but GAAP operating income and EPS declined, with similar trends for the first six months Q2 2025 vs Q2 2024 Consolidated Results (in millions, except EPS) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $474.1 | $462.5 | 3% | | GAAP Operating Income | $85.9 | $99.9 | (14)% | | GAAP Diluted EPS | $1.59 | $1.83 | (13)% | | Adjusted EBITDA | $116.5 | $121.9 | (4)% | | Adjusted Diluted EPS | $1.93 | $2.01 | (4)% | | Free Cash Flow | $37.9 | $39.0 | (3)% | Six Months 2025 vs Six Months 2024 Consolidated Results (in millions, except EPS) | Metric | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $895.5 | $875.8 | 2% | | GAAP Operating Income | $163.6 | $180.1 | (9)% | | GAAP Diluted EPS | $3.10 | $3.30 | (6)% | | Adjusted EBITDA | $218.0 | $223.2 | (2)% | | Adjusted Diluted EPS | $3.61 | $3.62 | 0% | | Free Cash Flow | $88.9 | $78.6 | 13% | [Segment Performance](index=2&type=section&id=Segment%20Performance) Americas segment sales grew 2% with a 5% operating income decline, while International sales rose 4% but operating income dropped 46% Q2 2025 Segment Performance (in millions) | Segment | Net Sales | % Change YoY | GAAP Operating Income | % Change YoY | | :--- | :--- | :--- | :--- | :--- | | Americas | $320.1 | 2% | $91.3 | (5)% | | International | $154.0 | 4% | $12.2 | (46)% | - The Americas segment's GAAP operating margin decreased by **210 basis points** to **28.5%** in Q2 2025[6](index=6&type=chunk) - The International segment experienced a significant decline in profitability, with its GAAP operating margin falling from **15.4%** in Q2 2024 to **8.0%** in Q2 2025[6](index=6&type=chunk) [Sales by Product Group](index=7&type=section&id=Sales%20by%20Product%20Group) Detection became the largest product group at 41% of sales, driven by acquisition, while Fire Service declined and Industrial PPE remained stable Q2 2025 Sales Mix vs Q2 2024 (Consolidated) | Product Group | Q2 2025 Sales | Q2 2025 % of Total | Q2 2024 Sales | Q2 2024 % of Total | | :--- | :--- | :--- | :--- | :--- | | Detection | $193.8M | 41% | $170.8M | 37% | | Fire Service | $163.3M | 34% | $172.3M | 37% | | Industrial PPE & Other | $117.0M | 25% | $119.3M | 26% | | **Total** | **$474.1M** | **100%** | **$462.5M** | **100%** | - Detection sales for Q2 2025 include revenue from the newly acquired M&C TechGroup from May 6th, 2025, onward[15](index=15&type=chunk) [Condensed Consolidated Financial Statements](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents MSA Safety's condensed statements of income, balance sheets, and cash flows for the reporting period [Statements of Income](index=4&type=section&id=Statements%20of%20Income) Q2 2025 gross profit slightly decreased, operating income fell to **$85.9 million** due to higher expenses and currency losses, and net income was **$62.8 million** Q2 2025 Income Statement Highlights (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net sales | $474,116 | $462,463 | | Gross profit | $220,710 | $223,029 | | Operating income | $85,862 | $99,944 | | Net income | $62,773 | $72,234 | | Diluted EPS | $1.59 | $1.83 | - Selling, general and administrative expenses increased to **$112.1 million** in Q2 2025 from **$105.1 million** in Q2 2024[11](index=11&type=chunk) - The company recorded a net currency exchange loss of **$5.3 million** in Q2 2025, compared to a gain of **$0.6 million** in Q2 2024[11](index=11&type=chunk) [Balance Sheets](index=5&type=section&id=Balance%20Sheets) Total assets increased to **$2.55 billion** driven by acquisitions, long-term debt rose to **$671.0 million**, and shareholders' equity reached **$1.25 billion** Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total current assets | $887,461 | $803,030 | | Goodwill | $733,245 | $620,895 | | Intangible assets, net | $310,934 | $246,437 | | **Total assets** | **$2,550,211** | **$2,205,784** | | Long-term debt, net | $670,965 | $481,622 | | **Total shareholders' equity** | **$1,252,642** | **$1,143,319** | [Statements of Cash Flows](index=6&type=section&id=Statements%20of%20Cash%20Flows) H1 2025 operating cash flow was **$129.1 million**, investing activities used **$227.9 million** for acquisitions, and financing provided **$74.0 million** from debt, leading to a **$17.2 million** cash decrease Six Months 2025 Cash Flow Summary (in thousands) | Activity | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Cash flow from operating activities | $129,051 | $104,188 | | Cash flow used in investing activities | ($227,873) | ($25,486) | | Cash flow from financing activities | $73,979 | ($67,718) | | **Net change in cash** | **($17,151)** | **$427** | - The primary use of cash in investing activities was **$187.8 million** for acquisitions, net of cash acquired[13](index=13&type=chunk) - Financing activities included a net increase in debt of **$165.2 million**, while the company paid **$40.9 million** in dividends and repurchased **$40.0 million** of its stock in the first half of 2025[13](index=13&type=chunk) [Reconciliation of Non-GAAP Financial Measures](index=8&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP to non-GAAP financial measures, including organic sales, adjusted earnings, and leverage ratios [Organic Sales Change](index=8&type=section&id=Organic%20Sales%20Change) Q2 2025 consolidated GAAP sales grew 3%, but organic sales were flat after adjusting for acquisitions and currency, with varied segment and product performance Q2 2025 Consolidated Sales Change Reconciliation | Component | % Change | | :--- | :--- | | GAAP reported sales change | 3% | | Currency translation effects | (1)% | | Less: Acquisitions | (2)% | | **Organic sales change** | **0%** | Q2 2025 Organic Sales Change by Segment & Product | Category | Organic Sales Change | | :--- | :--- | | **Segment** | | | Americas | 2% | | International | (4)% | | **Product Group** | | | Detection | 6% | | Fire Service | (6)% | | Industrial PPE and Other | (1)% | [Adjusted Operating Income, EBITDA, and Earnings](index=10&type=section&id=Adjusted%20Operating%20Income%2C%20EBITDA%2C%20and%20Earnings) Q2 2025 GAAP operating income of **$85.9 million** was adjusted to **$101.4 million**, and GAAP net income of **$62.8 million** to adjusted earnings of **$75.9 million** Q2 2025 Reconciliation of GAAP Operating Income to Adjusted Operating Income (in thousands) | Description | Amount | | :--- | :--- | | **GAAP operating income** | **$85,862** | | Transaction costs | $6,645 | | Currency exchange losses, net | $5,286 | | Acquisition-related amortization | $3,153 | | Restructuring charges | $488 | | **Adjusted operating income** | **$101,434** | Q2 2025 Reconciliation of GAAP Net Income to Adjusted Earnings (in thousands) | Description | Amount | | :--- | :--- | | **Net income (GAAP)** | **$62,773** | | Transaction costs | $6,645 | | Currency exchange losses, net | $5,286 | | Other adjustments (net) | $1,205 | | Income tax expense on adjustments | ($4,021) | | **Adjusted earnings** | **$75,929** | [Debt & Leverage Ratios](index=12&type=section&id=Debt%20%26%20Leverage%20Ratios) As of June 30, 2025, Debt to Adjusted EBITDA was **1.5x** and Net Debt to Adjusted EBITDA was **1.1x**, based on **$679.3 million** total debt Leverage Ratios as of June 30, 2025 | Metric | Value | | :--- | :--- | | Twelve Months Adjusted EBITDA | $464.2 million | | Total end-of-period debt | $679.3 million | | Net debt | $532.4 million | | **Debt to adjusted EBITDA** | **1.5x** | | **Net debt to adjusted EBITDA** | **1.1x** | [Investor Information & Appendix](index=3&type=section&id=Investor%20Information%20%26%20Appendix) This section provides details for the upcoming conference call, company overview, and important legal disclaimers [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) A conference call and webcast for Q2 2025 results is scheduled for Tuesday, August 5, 2025, at 10:00 a.m. Eastern time - A conference call is scheduled for Tuesday, August 5, 2025, at **10:00 a.m. Eastern time**[9](index=9&type=chunk) - The call and slide presentation will be webcast on the company's investor relations website[9](index=9&type=chunk) [Company Information & Disclaimers](index=13&type=section&id=Company%20Information%20%26%20Disclaimers) MSA Safety is a global safety product leader with **$1.8 billion** 2024 revenues, providing disclaimers on forward-looking statements and non-GAAP financial measures - MSA Safety is a global leader in advanced safety products with **2024 revenues of $1.8 billion** and over 5,000 employees worldwide[26](index=26&type=chunk) - The report contains forward-looking statements that involve risks and uncertainties, and readers are cautioned against placing undue reliance on them[27](index=27&type=chunk) - The press release includes non-GAAP financial measures which management believes are useful for investors but should be viewed as supplemental to GAAP results[28](index=28&type=chunk)[30](index=30&type=chunk)

Core Insights - MSA Safety Incorporated reported a net sales increase of 3% year-over-year for Q2 2025, reaching $474.1 million, while organic sales remained flat [4][5][6] - The company experienced a decline in operating income by 14% to $85.9 million, with an operating margin of 18.1% [4][5] - MSA Safety completed the acquisition of M&C TechGroup for $188 million, aimed at expanding its market in detection and diversifying end markets [3][5][6] Financial Performance - Q2 2025 net income was $62.8 million, or $1.59 per diluted share, down 13% from the previous year [4][5] - Adjusted EBITDA for Q2 2025 was $116.5 million, a decrease of 4% compared to Q2 2024 [4][5] - Free cash flow for the quarter was $37.9 million, with a conversion rate of 60% [4][5] Segment Performance - The Americas segment reported net sales of $320.1 million, a 2% increase year-over-year, while the international segment saw a 4% increase to $154.0 million [4][5] - Detection products accounted for 41% of consolidated sales, with a 13% increase in GAAP reported sales [11][13] - The Fire Service segment experienced a 5% decline in sales, while Industrial PPE and Other products saw a 2% decrease [11][13] Strategic Initiatives - The company reaffirmed its low-single-digit organic sales growth outlook for 2025, while preparing for various macroeconomic scenarios [6][7] - MSA Safety's capital allocation strategy included share repurchases totaling $30 million and $29 million in capital expenditures [5][6] - The company is focused on enhancing its manufacturing and engineering capabilities through strategic investments [6]

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for MSA Safety, with a consensus outlook indicating lower revenues and earnings per share (EPS) [1][3] Earnings Expectations - MSA Safety is expected to report quarterly earnings of $1.76 per share, reflecting a year-over-year decrease of 12.4% [3] - Revenue is projected to be $446.01 million, down 3.6% from the same quarter last year [3] Estimate Revisions - The consensus EPS estimate has been revised down by 0.67% over the last 30 days, indicating a bearish sentiment among analysts [4] - The Most Accurate Estimate for MSA Safety is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -0.40% [12] Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive or negative reading indicates the likely deviation of actual earnings from the consensus estimate, with a strong predictive power for positive readings [9][10] - MSA Safety currently holds a Zacks Rank of 4, which complicates the prediction of an earnings beat [12] Historical Performance - In the last reported quarter, MSA Safety exceeded the expected earnings of $1.59 per share by delivering $1.68, resulting in a surprise of +5.66% [13] - The company has beaten consensus EPS estimates in the last four quarters [14] Conclusion - MSA Safety does not appear to be a strong candidate for an earnings beat based on current estimates and rankings, but other factors should also be considered for investment decisions [17]

Core Viewpoint - MSA Safety Incorporated will host its second quarter 2025 earnings conference call on August 5, 2025, at 10:00 a.m. Eastern Time, with a press release detailing financial results to be issued on August 4, 2025, after market close [1][3]. Company Overview - MSA Safety Incorporated is a global leader in advanced safety products and solutions, with a mission focused on safety innovation since 1914 [4]. - The company reported revenues of $1.8 billion in 2024 and employs over 5,000 associates across more than 40 international locations [4].

Core Viewpoint - First Community Corporation has announced a definitive merger agreement to acquire Signature Bank of Georgia in an all-stock transaction valued at approximately $41.6 million, based on First Community's stock price as of July 11, 2025 [1][2]. Group 1: Transaction Details - The merger will result in a combined company with approximately $2.3 billion in total assets, $2.0 billion in total deposits, and $1.5 billion in total loans at closing [2]. - The merger will create a banking company with 23 offices across various regions, including South Carolina and Georgia [2]. - The transaction is expected to close in early Q1 2026, pending regulatory and shareholder approvals [2]. Group 2: Strategic Benefits - The merger is seen as a strategic move to expand into the Sandy Springs/Atlanta area, enhancing First Community's market presence [3]. - Signature Bank's expertise in SBA lending is expected to complement First Community's focus on supporting local businesses and entrepreneurs [3]. - The merger is projected to enhance First Community's tangible common equity to tangible assets ratio by approximately 35 basis points, resulting in a pro forma ratio of 7.45% [3]. Group 3: Financial Projections - The merger is anticipated to be accretive to First Community's earnings per share by approximately 4.4% in 2026 [3]. - The transaction structure includes a tangible book value dilution of approximately 2.6%, with an earnback period of 2.2 years [3]. - The internal rate of return on the deal is estimated at approximately 27.6%, indicating strong financial merits [3]. Group 4: Leadership and Governance - Signature's Chairman and CEO, Freddie J. Deutsch, will take on the role of Regional Market President and Director of Specialty Business Lending at First Community Bank [4]. - Key members of Signature's leadership team will continue with First Community Bank, and two current Signature directors will join First Community's Board of Directors [4]. Group 5: Advisory and Legal Support - First Community was advised by Hovde Group, LLC as financial advisor and Nelson Mullins Riley & Scarborough, LLP as legal counsel [5]. - Signature was advised by Olsen Palmer LLC as financial advisor and Fenimore Kay Harrison LLP as legal counsel [5].

MSA Safety (MSA) FY Conference Summary Company Overview - MSA Safety is a global manufacturer of safety products aimed at protecting workers and facility infrastructure [1][2] - The company reported $1.8 billion in sales over the trailing twelve months, with a 4.5% investment in R&D, resulting in a 37% product vitality ratio [5][4] Business Segments - MSA operates in two primary segments: - Americas (69% of revenue) - International (31% of revenue) [6] - Key product categories include: - Fire service (38% of revenue) - Detection (37% of revenue) - Industrial PPE (25% of revenue) [6] Market Position and Strategy - MSA aims to maintain leadership in premium safety solutions through continuous R&D and innovation [12][13] - The company has launched an "Accelerate Strategy" focusing on four pillars: 1. Leadership in premium safety solutions 2. Accelerators for growth, particularly in detection and M&A 3. Continuous improvement for margin enhancement 4. Effective capital deployment [12][14][15] Financial Outlook - MSA anticipates low single-digit revenue growth for 2025, with detection expected to grow at high single digits [28][29] - The company has faced challenges in the fire service segment due to tough comparisons and regulatory changes [29][30] Regulatory Environment - The NFPA standards are undergoing changes, which may impact purchasing decisions in the fire service market [30][35] - MSA has launched a new SCBA model, the G1 XR, to address customer needs ahead of regulatory changes [36] Customer Engagement and Product Development - MSA emphasizes customer feedback in product development, leading to innovations like the Altair XL sensor family and the MSA Plus connected solutions [19][20][50] - The company has shared success stories where their products have directly contributed to safety improvements [54] Recent Acquisition - MSA acquired M&C Tech, a German process analysis manufacturer, expanding its addressable market by $500 million and enhancing its fixed monitoring capabilities [60][62] Conclusion - MSA Safety is well-positioned in the industrial safety technology market, focusing on innovation, customer needs, and strategic growth through acquisitions and product development [27][62]