Paratech Signs 62 Billion KRW Supply Contract with Samsung Electronics... "Expecting Strong Performance This Year"
Paratech announced on the 28th through a public disclosure that it has signed a supply contract worth 62 billion KRW with Samsung Electronics for the ‘NRD-K Ph1 FAB1 Section Firefighting Mechanical Work’. The contract amount corresponds to 28.92% of recent sales, and the contract period is until March 31, 2025, with the entire amount expected to be reflected in sales within one and a half years.
This order is the largest among the supply contracts Paratech has signed with Samsung Electronics. To proceed with the project, Paratech had previously secured the first phase of the NRD-K site construction located within Samsung Electronics’ Giheung Campus in April 2023. Through the contract modification, an additional 53 billion KRW in sales has been secured.
Since the contract ends at the end of the first quarter next year, it is expected to significantly contribute to this year’s performance. Generally, firefighting mechanical work contracts last more than two years. The company explained that this contract is scheduled to be completed within about one year, so the large-scale order amount will be reflected in this year’s sales.
A Paratech official said, “This contract is the largest single order ever, amounting to 50% of the market capitalization,” and added, “Based on this large-scale order, significant performance growth is expected starting this year.”
He continued, “We are diversifying our product portfolio by not only advancing the technology of existing firefighting equipment products but also applying next-generation technologies such as artificial intelligence (AI), robotics, and electric vehicles,” and added, “We will accelerate efforts to expand our domestic market share and target overseas markets to achieve external growth.”
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Paratech is expanding the application of firefighting technology in various fields such as AI, robotics, and electric vehicles. In collaboration with Gangnam Fire Station, it is developing an ‘autonomous fire patrol robot,’ and at the end of last year, it succeeded in securing firefighting technology for electric vehicles by registering two patents related to electric vehicle battery fire suppression.
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