Jotun COSCO Marine Coatings Co., Ltd. (JCMC), a joint-venture of COSCO International with Jotun A/S in Norway, held a ground-breaking ceremony of its new plant in Qingdao National High-tech Industrial Development Zone, which marked the official start of the construction project of the coatings plant. The new plant is built to meet the growing needs of the marine coatings market in China. The plant is expected to begin production by the end of 2012.
JCMC has been expanding since its incorporation. Its total sales volume reached 75,000,000 liters—equivalent to about 100,000 tons—and its profit before tax exceeded HK$200 million in 2010, ranking number one in the sales of marine coatings in China.
Jotun COSCO Marine Coatings (Qingdao) Co., Ltd. (JCMC Qingdao) was established in October 2009, 50 percent owned by COSCO International Holding Ltd. and 50 percent by Jotun A/S, offering advanced marine coating products that prevent corrosion and fouling on vessels. The plant will be 85,333 square meters with an annual production capacity of 50,000,000 liters, equivalent to approximately 67,500 tons.