Magal Security Systems Ltd. (Nasdaq: MAGS; TASE: MAGS) has received a $2.6 million order for an integrated solution to secure a seaport in West Africa. The order follows last month's $21.4 million order from the Port Authority of Kenya to secure the Port of Mombasa.
Magal will deliver an integrated solution including a variety of security systems, including DTR (taut wire) which will be deployed on a wall running several kilometers along the coastline, gates and access control, radio communications, and cameras. All the sensors and communications will be networked to two command and control centers through Magal's Physical Security Information Management (PSIM) system, Fortis. The system will also integrate sophisticated technologies such as cooled thermal sensors and a remote acoustic hailing device. The contract will be completed during 2011.
Magal president and CEO Eitan Livneh said, "As security is an integral part of international trade, ports are increasingly turning to solutions such as ours in order to comply with the ISPS code (International Ship and Port Facility Security). I believe that Magal is well-positioned to secure additional business in this vertical market and specifically in this region."
Magal's share price closed at $3.11 on Nasdaq on Friday, giving a market cap of $31 million. The share price rose 1.7% on the TASE today to NIS 11.35.
Published by Globes [online], Israel business news - www.globes-online.com - on January 3, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011