PaintSquare.com


The First Word in Protective & Marine Coatings

A Product of Technology Publishing / PaintSquare
JPCL | PaintSquare News | Durability + Design | Paint BidTracker

Marine Industry Coating Systems: Selecting and Sourcing

Paint and Coatings Industry News

Main News Page


Jotun Reports Record Year Results

Sunday, March 6, 2011

More items for Coating Materials

Comment | More

Norway-based coatings giant Jotun reported record operating revenues and profits in 2010, notching volume increases in every segment and strong performances in high-growth markets.

Jotun

Photos: Jotun Group

Jotun coating advisors verify
specifications, surface preparation
practices and application procedures,
and perform quality control testing.

The Jotun Group is one of the world's largest manufacturers of protective and marine coatings, paints and powder coatings, with more than 70 companies, 38 production facilities and 7,800 employees globally.

Overall Results

The company said it sold 10% more paint in 2010 than in 2009—although, like every coatings manufacturer, rising raw materials costs bit into profit margins.

The company reported a 7% increase in operating income, to NOK (Norwegian Kroner) 12.0 billion in 2010 (about $2.1 billion USD), up from NOK 11.2 billion the previous year; operating profit rose by 16% to NOK 1.34 billion in 2010 (about $240 million USD), from NOK 1.16 billion in 2009.

Strong sales in parts of Asia and the Middle East offset slower sales in Europe and the United States, Jotun reported. The company drew 60% of its 2010 revenue from Asia and the Middle East and more than half of its revenues from its Coatings segment.

Exceeding Expectations

“We are pleased with Jotun’s performance in 2010, which exceeded our initial expectations,” said Morten Fon, Jotun’s President and CEO.

Jotun CEO Morten Fon

The year’s earnings exceeded expectations,
said Jotun President and CEO Morten Fon.

“During the year, we took the steps necessary to actively manage changes and align our growth strategy more closely with local economic conditions. This approach, coupled with the dedication and hard work of Jotun employees, proved to be successful.”

Projects and Investments

Jotun supplied coatings in 2010 to several iconic buildings worldwide, including Burj Khalifa in Dubai (the world’s tallest building) and Canton Tower in China.

Jotun’s total investments reached NOK 600 million (about $107 million USD) in 2010. The year’s major projects included:

• A new production facility in Norway;

• Continuing construction of production facilities and distribution centers in Malaysia and Singapore;

• A new coatings facility in Qingdao, China, and a new powder coatings factory in Zhangjiagang, China;

• Expansion of Jotun Powder in the UAE;

• Finalization of investment for a new waterborne factory in Saudi Arabia;

• New companies established in the Middle East; and

• Implementation of new business support information technology worldwide.

“Jotun is in a unique position to continue its long-term growth trend,” said Fon. “While we will continue to pursue an organic growth strategy, we have taken steps to accelerate our business development and streamline the process for identifying and establishing operations in promising new markets and segments."

Key Financial highlights (NOK million)

Jotun-charts

 

   

Tagged categories: Coatings manufacturers; Earnings reports; Finance; Jotun; Marine Coatings; Powder coatings; Protective coatings; Raw materials

Comment Join the Conversation:

Sign in to our community to add your comments.

Polyval Coatings
POLYFLEX brand Polyurea

high chemical resistant membranes are used extensively to protect our environment in secondary containment applications.


Wasser High-Tech Coatings Inc.
Wasser Coatings Protect

some of the most important bridges in the country; learn about our NEPCOAT-approved system and our entire range of MCU & Polyurea coatings. 1-800-627-2968 www.wassercoatings.com


BASF
New resins from BASF will have metals loving water:

Excellent corrosion resistance, low VOC, high gloss, thin films basf.us/industrialcoatings
polyorders@basf.com
800-231-7868


International Paint LLC

International Paint Engineered Coatings

Learn about our solutions for:
  • Structural Steel
  • Piping & Equipment
  • Storage Tanks
  • Pressure Vessels
  • Secondary Containment


    Keizer Technologies, Inc.
    Fast • Safe • Clean • Silent

    The innovative RPR Induction Disbonder, the world’s fastest, safest, cleanest and very cost effective method for removing paint and coatings from steel surfaces.


    US Minerals
    US Minerals -
    Black Magnum

    With nationwide production and distribution capabilities, U.S. Minerals supplies a complete range of coal slag and other abrasives to meet all of your blasting needs.


    ITW Binks
    Built for Tough Jobs

    From Epoxies to Urethanes to other high solid coatings, the new Binks Airless 75 delivers a great finish using an ergonomic design. Visit binks.com for more information.

  •  
     
     
    Technology Publishing

    The Technology Publishing Network

    The Journal of Protective Coatings & Linings (JPCL) PaintSquare
    Durability + Design Paint BidTracker JPCL Europe

     
    EXPLORE:      JPCL   |   PaintSquare News   |   Interact   |   Buying Guides   |   Webinars   |   Resources   |   Classifieds
    REGISTER AND SUBSCRIBE:      Free PaintSquare Registration   |   Subscribe to JPCL   |   Subscribe to PaintSquare News
    MORE:      About PaintSquare.com   |   Privacy policy   |   Terms & conditions   |   Site Map   |   Search   |   Contact Us
     

    © Copyright 2000-2014, Technology Publishing / PaintSquare, All rights reserved
    2100 Wharton Street, Suite 310, Pittsburgh PA 15203-1951; Tel 1-412-431-8300; Fax 1-412-431-5428; E-mail webmaster@paintsquare.com