Lakeland Fire + Safety’s Lakeland LHD Secures up to 12-year Renewal Contract with Fire and Emergency New Zealand
Rhea-AI Summary
Lakeland Industries (NASDAQ: LAKE) announced its subsidiary Lakeland LHD has secured a contract renewal with Fire and Emergency New Zealand (FENZ) for up to 12 years. The initial contract period is five years, with extension provisions up to twelve years. The agreement covers the supply of KIWI 2.0 L2 structural fire ensembles, including fitment, delivery, decontamination services, and logistics management for protective gear.
The contract encompasses an estimated 1,600 to 2,000 ensembles annually and extends a 22-year relationship with FENZ, which oversees more than 650 stations and serves approximately 2,000 paid and 12,000 volunteer firefighters across New Zealand. The decontamination service focuses on removing harmful carcinogens to enhance firefighter safety.
Positive
- Secured long-term contract renewal for up to 12 years with FENZ
- Substantial annual volume of 1,600-2,000 ensembles
- Recurring revenue stream from decontamination services
- Extension of established 22-year business relationship
Negative
- None.
News Market Reaction – LAKE
In the trading session that priced this news, LAKE gained 3.27%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Longstanding Partner Extends Relationship with Lakeland LHD for Up to 12 Years for Apparel and Decontamination Services
HUNTSVILLE, Ala., Feb. 04, 2025 (GLOBE NEWSWIRE) -- Lakeland Industries, Inc. (“Lakeland Fire + Safety” or “Lakeland”) (NASDAQ: LAKE), a leading global manufacturer of protective clothing for industry, healthcare, and first responders, today announced its Lakeland LHD subsidiary has secured a contract renewal of up to 12 years with Fire and Emergency New Zealand (FENZ), New Zealand's main firefighting and emergency services body, for a range of apparel and decontamination services, extending an established and longstanding relationship of over 22 years.
The contract renewal with Lakeland LHD is for an initial period of five years, extending up to twelve years with contract renewal provisions. The contract includes the fitment, delivery and supply of the latest generation KIWI 2.0 L2 structural fire ensembles as well as decontamination, care and associated logistics management for the structural ensembles, protective hoods, gloves and other clothing items. The decontamination service further enhances firefighter safety through the removal of harmful carcinogens. The contract includes an estimated 1,600 to 2,000 ensembles annually.
FENZ was established under the Fire and Emergency New Zealand Act of 2017 to create an integrated nationwide fire and emergency services organization responsible for a wide range of services, including urban and rural fire services. FENZ oversees over 650 stations covering the entire country and is comprised of approximately 2,000 paid and 12,000 volunteer firefighters.
“We are honored that FENZ has once again selected Lakeland LHD to provide the turnout gear and decontamination services needed to protect the firefighters of New Zealand,” said Barry Phillips, Chief Revenue Officer for Lakeland. “Lakeland LHD has a strong brand reputation with its customers, providing protective clothing maintenance that ensures longevity and effectiveness of firefighting gear with an attractive recurring revenue stream.”
Louie Hatzikosmidis, Managing Director for Lakeland LHD, added, “We are deeply grateful for the trust and partnership we have shared with Fire and Emergency New Zealand over the years, and we remain committed to delivering excellence as we stand by our company mission of ‘Protecting your People’.”
Rachael Utumapu, Operational Standards Manager for FENZ, commented, “We have enjoyed our longstanding relationship with Lakeland LHD and look forward to continuing this partnership to provide our firefighters with the best protection in terms of apparel and decontamination services. Lakeland LHD has proven over the years to be a partner that we can rely upon to deliver what we need.”
About Lakeland Fire + Safety
Lakeland Fire + Safety manufactures and sells a comprehensive line of fire services and industrial protective clothing and accessories for the industrial and first responder markets. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a strategic global network of selective fire safety and industrial distributors and wholesale partners. Our authorized distributors supply end users, such as integrated oil, chemical/petrochemical, automobile, transportation, steel, glass, construction, smelting, cleanroom, janitorial, pharmaceutical, and high technology electronics manufacturers, as well as scientific, medical laboratories and the utilities industry. In addition, we supply federal, state and local governmental agencies and departments, such as fire and law enforcement, airport crash rescue units, the Department of Defense, the Department of Homeland Security and the Centers for Disease Control. Internationally, we sell to a mixture of end users directly and to industrial distributors, depending on the particular country and market. In addition to the United States, sales are made into more than 50 foreign countries, the majority of which were into China, the European Economic Community ("EEC"), Canada, Chile, Argentina, Russia, Kazakhstan, Colombia, Mexico, Ecuador, India, Uruguay, Middle East, Southeast Asia, Australia, Hong Kong and New Zealand.
For more information concerning Lakeland, please visit the Company online at www.lakeland.com.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, which address Lakeland's expectations of sources or uses for capital or which express the Company's expectation for the future with respect to financial performance or operating strategies, including statements regarding the public offering and the use of proceeds therefrom, can be identified as forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions as described from time to time in Press Releases and Forms 8-K, registration statements, quarterly and annual reports and other reports and filings filed with the Securities and Exchange Commission or made by management. As a result, there can be no assurance that Lakeland's future results will not be materially different from those described herein as "believed," "projected," "planned," "intended," "anticipated," "can," "estimated" or "expected," or other words which reflect the current view of the Company with respect to future events. We caution readers that these forward-looking statements speak only as of the date hereof. The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which such statement is based, except as may be required by law.
Contacts
Lakeland Fire + Safety
256-600-1390
Roger Shannon
Chief Financial Officer
rdshannon@lakeland.com
Investor Relations
Chris Tyson
Executive Vice President
MZ Group - MZ North America
949-491-8235
LAKE@mzgroup.us
www.mzgroup.us
