A corresponding statement published on the company's website. After closing the plant on March 3, Jotun sold the shares of its subsidiary company "Jotun Paints" LLC. And from August 2, the Russian industrial holding "Atomstroykompleks" took over the business of the Norwegian company.
"We have been working on finding 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 sanctions, and we understand that the situation will not change in the near future. Employees have been our top priority, and over the past few months, several options for further developments have been evaluated," says President and CEO Morten Von.
By the way, the brand, intellectual property and technology are not part of the deal, the price of which is not disclosed.
Jotun has been on the Russian market since 1989. In 2017, a Norwegian manufacturer of paints and coatings opened its own factory in the Leningrad Region. After the full-scale invasion of the Russian Federation on the territory of Ukraine and the introduction of sanctions against the aggressor, the company decided to withdraw from its market.
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