Electrolube Enters Partnership with Fortis

The initial affiliation will run for two years, with the possibility of extension. Fortis' investment is set to impact significantly on Electrolube's international sales and technical support and Research & Development capability. Fortis, an international provider of banking and insurance services to personal, business and institutional customers, has provided additional funding of approximately £1.1million to HK Wentworth following the production of a five year business plan and has to date invested £2 million into the Group. Ron Jakeman, Managing Director of HK Wentworh comments, “We are delighted to enter partnership with Fortis, our European Banker. The funding will enable Electrolube to bring to the market new products currently under development and expand global market share. It will allow us additional resources in terms of sales and technical support in Europe, China and Australia, and additional product testing and development resources in terms of people and equipment." Joe Duane, Relationship Director Commercial Banking at Fortis Bank, says: "We are very pleased to have HK Wentworth as a customer of Fortis and we look forward to working with the management team by providing a mix of funding to facilitate its growth both in the UK and across Europe." Electrolube's high performance electro-chemicals are used internationally by a variety of market segments from automotive, military, industrial and consumer electronics to aerospace, marine, telecoms and medical. The partnership will have an impact on Electrolube's capability to provide customer service through improvements to R&D and technical support.The initial affiliation will run for two years, with the possibility of extension. Fortis' investment is set to impact significantly on Electrolube's international sales and technical support and Research & Development capability.