Paratech Sets Annual Order Target of 270 Billion KRW... Consecutive Wins in Firefighting Construction and More

Order worth 16.5 billion KRW including fire protection work at Incheon logistics center this month
Under sole CEO Jeong Gwangwon, sales projected to increase 30% to 150 billion KRW

[Asia Economy Reporter Kim Heeyoon] Firefighting specialist company Paratech (CEO Jeong Gwangwon) is attracting market attention by consecutively winning two construction contracts earlier this year. Paratech secured a firefighting construction contract for a logistics center in Incheon with an area of 430,000 square meters (contract amount 8 billion KRW) this month, followed by a mechanical equipment construction contract for public housing in Suwon, Gyeonggi Province (contract amount 8.5 billion KRW).

Paratech has set a contract target of 270 billion KRW for this year, a 140% increase compared to the previous year. A company official stated, “With the formation of a new management team earlier this year, we restructured our future strategy and business portfolio and reorganized the organization to respond to the new opportunity of separate firefighting orders. We expect to smoothly achieve the sales target of 150 billion KRW, a 30% increase from last year.”

Through aggressive marketing, Paratech plans to further increase the market share of sprinkler head products, which currently hold the number one domestic market share, and increase sales of existing products such as new piping and CPVC by diversifying its client base. Additionally, the company plans to expand and reorganize the equipment sector, which was previously a small business area, and combine it with the firefighting sector to generate expanded sales synergy.

Paratech is the longest-standing firefighting specialist company in Korea with 49 years of history. Since obtaining the nation’s first national certification for firefighting products in 1975, it has produced products certified by the US UL, FM, and Japan FESC. Overseas certifications such as UL and FM are essential for exporting firefighting products abroad.

A company official explained, “Paratech produces overseas-certified products applicable to global companies’ data centers and logistics warehouses and possesses the industry’s largest research and development (R&D) organization. It is the only company in the same industry to have received smart factory certification for its product manufacturing facilities and recently signed an annual supply contract for 70,000 vehicle fire extinguishers with Hyundai Motor Company.”

Paratech achieved 112 billion KRW in contracts and 115 billion KRW in sales last year, successfully returning to profitability. On the 4th, following the resignation of CEO An Gyehwan, the company shifted from a dual CEO system to a sole CEO system under Jeong Gwangwon.