CFSG – China Fire & Security (NASDAQ) $14.53 $400M Market Cap
China Fire & Security Group, Inc. (NASDAQ: CFSG) ("China Fire" or "the Company"), a leading total solution provider of industrial fire protection systems in China, today announced that the Company has signed a total solution contract worth approximately US$92 million with Wuhan Iron and Steel (Group) Corporation ("WISCO") for the Fire Protection Retrofitting Project (the "Retrofitting Project"). According to the contract, China Fire will complete the overall retrofitting project of the fire protection facilities for WISCO's 32 plants located in Qingshan, Hubei Province, by the end of 2011.
Comprehensive Retrofitting Project - First of its scale in China
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."
The project will comprehensively employ China Fire's product and services portfolio, including recoverable rate-of-rise & fixed temperature linear heat detectors with protective metallic coating, explosion-proof multi-frequency infrared flame detectors, anti-false-spray water spray fire-extinguishing systems, and anti-false-spray water mist fire extinguishing systems.
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.