“We see an increasing demand for our products,” said Morten Fon, president and CEO, Jotun. “High levels of activity in shipbuilding, oil and gas projects and the construction industry in the Middle East have boosted Jotun’s sales this year, so we have decided to build new factories in Korea and Libya.”
The factory in Korea, which will be situated close to Pusan, will be the group’s biggest ever investment at a cost of approximately NOK 230 million ($42 million). This factory will primarily produce marine coatings, while the factory in Libya will primarily produce decorative paints and will cost approximately NOK 100 million ($20 million). Both factories will be operational in 2009. A new factory will also be completed in India in March 2008.