|About the transaction: Cathodic Protection Co|
|UKEF support||Bond support|
Grantham-based engineering company, Cathodic Protection, provides equipment and engineering services that protect steel structures from corrosion. The company has been operating from the UK for over 70 years and three quarters of its sales are now from overseas exports.
UKEF introduced Cathodic Protection to General Electric (GE) and ENKA UK at one of its supplier fairs, events designed to provide opportunities for UK exporters to sell into overseas projects backed by UKEF financing.
As a result of the supplier fair, Cathodic Protection secured two contracts worth £400,000 to design and provide storage tank protection systems to two power plants in Iraq, which were delivered earlier this year.
UKEF has since helped the company secure two further orders in Algeria and Saudi Arabia. Its bond support scheme has helped free up cash, allowing them to fulfil the orders. The company is now exploring further expansion in the region.
Rob Holden Managing Director, Cathodic Protection said:
The UKEF Supplier Fairs are a great way to meet overseas customers who are actively looking for UK suppliers.
We have secured valuable business following our attendance, and I would encourage all existing and potential exporters to exploit this opportunity.
Andy Mannix AMIEx (CITA), Export Finance Manager Derbyshire, Nottinghamshire and Lincolnshire said:
I am delighted that, with UKEF support, a forward looking business like Cathodic Protection is able to fulfil important export contracts and as a result, look to realise its expansion plans.
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