Jotun Paints

Jotun is a manufacturer of decorative paints, industrial, marine and powder coatings. The company was founded more than 90 years ago in Sandefjord, Norway.

As of early 2018, Jotun employs about 10,000 employees at 37 factories and more than 60 companies around the world.

Jotun coatings protect many architectural structures. In Russia, Jotun coatings protect facilities in the oil and gas, energy, infrastructure, ship repair and shipbuilding industries.

History

2022: Sale of Russian business

In early August 2022, Jotun announced the sale of its Russian business to Atomstroykomplex. After this transaction, the Norwegian manufacturer of paints and varnishes left the Russian market.

The press release clarifies that the company sold all its shares in the Russian subsidiary Jotun Paints. From August 2, 2022, the Russian industrial company Atomstroykompleks took over the management of the enterprise, employees and assets, noted in Jotun.

Jotun sold Russian business

Jotun promised that all its employees will retain their positions. The paint maker's brands, intellectual property and technology are not part of the deal. At the same time, it is not reported how much Atomstroykompleks paid for the acquisition of assets.

The company explained in early August 2022 that working under sanctions "is becoming more and more difficult," and it understands that the situation will not change in the near future.

We have been working to find a solution for our operations in Russia since the end of February. It is becoming more and more difficult to work in the country under the conditions of sanctions regimes, and we understand that the situation will not change in the near future. We regret that such a decision was made, but we believe that we have found a good way out of the situation, "said President and General Director Morten Fon.

By August 2022, Jotun has a plant in Russia in the Tosno district of the Leningrad region. As the head of Atomstroykomplex Valery Ananyev noted, the acquisition of a modern operating enterprise for the production of paints and varnishes corresponds to the holding's development strategy, which implies an increase in production capacity, an expansion of the pool of materials of its own production.

Our own production allows us to control the quality of materials, the timing of their supply, to build modern, comfortable housing and social and industrial infrastructure for Russian citizens, "he stressed.[1]

Notes

Шаблон:Remarks