Norwegian Producer Jotun Exits Russia

Jotun is exiting Russia after selling its assets in the country to the industrial group Atomstroykomplex. Terms of the deal were not disclosed.

The Norwegian producer of paints and coatings shut down its Russian plant on March 3 after Moscow’s invasion of Ukraine.

“It has become more and more difficult to operate in the country under the ongoing sanctions, and we realize the situation won’t change in the near future,” said President and CEO Morten Fon. “Our employees have been our main priority, and several options have been evaluated over the last few months. We regret that the conclusion was to sell the company. We believe we have found a good solution for our employees under the ownership of Atomstroykomplex.”

Jotun has operated in Russia since 1989 and has had its own production facilities since 2017. At end of 2021, the company had activities throughout the country with a staff of more than 300 people. Current employees will keep their positions with the new owner. Brands, intellectual property and technology are not part of the transaction.

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from American Coatings Association https://www.paint.org/norwegian-producer-jotun-exits-russia/
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