China Fire & Security Group wins $92 million contract to upgrade 32 Wuhan Iron and Steel plants
Industrial fire protection systems provider, China Fire & Security Group (Nasdaq: CFSG)(“CFS”) has won a total solution contract worth approximately US$92 million with Wuhan Iron and Steel, China’s third largest steel company.
The contract will see CFS undertake retrofitting of fire protection equipment including heat detectors, metallic coating, infrared flame detectors and fire extinguishing systems across 32 plants in Hubei Province. The work is due to be completed by the end of 2011.
Last year the Chinese government implemented a revised Fire Prevention Law to encourage the iron and steel industry to upgrade their fire safety facilities.
“WISCO's Fire Protection Retrofitting Project is a pioneering endeavor that aims to comprehensively upgrade, without disrupting ongoing operations, 32 plants to become up to code with the latest Chinese fire safety standards detailed in the "Code of Design for Fire Protection and Prevention for Iron & Steel Metallurgy Enterprises." CFS stated this morning.
“Upon completion of the Retrofitting Project, the majority of WISCO's Qingshan plants' fire protection facilities will be fully compliant with China's latest fire safety codes for the iron & steel industry.”
Wuhan Iron and Steel is a longstanding client of CFS.
"We're very delighted about our record contract win for WISCO's Retrofitting Project, as this pioneering contract win highlights our excellent value proposition, unparalleled competitive advantages and the trust of our customer in the total solution approach we have provided them throughout the years. With this large win, we have further increased the gap between us and our closest competitors in the iron and steel industry," commented Mr. Gangjin Li, Chairman and Executive Officer of China Fire.
In a separate announcement this morning, CFS upwardly revised its full year earnings guidance for 2010 to $135 to $145 million, net income to $47 to 49 million and earnings per share (EPS) to $1.65 to $1.70.
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