Jotun’s long-term growth trend continued in 2011 with improved sales in most segments and divisions, due to improved markets in Asia and parts of the Middle East said the company. The company reported revenues of $1.902 billion in 2011, up from $1.7 billion the previous year. Jotun said it sold more paint in volume and value terms in 2011 than in 2010. Margins and profits were affected by high costs of major raw materials such as epoxies, titanium dioxide, acrylics and metals. Jotun’s strategy of operating across a range of segments and geographies continued to yield results with higher sales in parts of Asia and the Middle East that offset slower sales in Europe. Jotun made considerable investments in 2011, and major projects during the year included: new production structure and construction of a new factory in Sandefjord; a new factory in Malaysia; ongoing construction of new factories and buildings in China and the United States; factory expansion in the UK; purchase of land in Russia and Indonesia; world-wide implementation of new business support information technology. The Jotun Group has 70 companies and 38 production facilities on all continents. Including the total network of legal companies, agents, branch offices and distributors Jotun is represented in more than 80 countries. Jotun’s operations cover development, production, marketing and sales of various paint systems and products to protect and decorate surfaces in the residential, shipping and industrial markets. The Jotun Group has today 7,800 employees with its headoffice located in Sandefjord, Norway. During the year Jotun Paints launched Jotashield Extreme, an exterior paint product, in the UAE in response to the growing demand for heat-reflective and eco-friendly paints in the country. Jotun Powder Coatings launched its new line of eco-friendly products, Guard Gaze, Guard Miles and Guard Miles+. The three new powder coatings have been developed to meet the growing demands and requirements of industrial manufacturers.
YEAR ESTABLISHED: 1926
REVENUE: $1.902 billion (2010: $1.7bn)
• Decorative paints
• Marine and protective coatings
• Industrial coatings
• Powder coatings
Morton Fon, president and CEO; The management team: Bard Tonning, Jotun Dekorativ; Erik Aaberg, Jotun Paints; Esben Hersve, Jotun Coatings; Martin Chew, Jotun Powder Coatings; Ben Guren, CFO.