The 2023 Global Top 10: No. 10 Jotun
10. Jotun
Sandefjord, Norway
47.33.45.70.00
CEO: Morten Fon
2022 Coatings Sales: Approx. $2.82 billion USD (NOK 27,858 million)
Jotun specializes in sales of decorative, marine, protective, and powder coatings. The company reported sales for 2022 of NOK 27,858 million, an increase of 22% compared to sales for 2021. The company operates in four business segments: Marine Coatings, Protective Coatings, Powder Coatings and Decorative Paints. The Marine Coatings segment accounted for 27% of sales in 2022. The Protective Coatings segment accounted for 27% of sales in 2022. The Powder Coatings segment accounted for 8% of sales in 2022, and the Decorative Paints segment accounted for 38% of sales. Jotun Decorative supplies coatings for commercial buildings, public buildings, and homes, and serves both the professional and DIY customer directly and through a network of Jotun Multicolor Centers. A leader in marine coatings for the new-build, dry-dock, tank and cargo holds, and sea-stock markets, the Marine Coatings business also provides coatings for mega-yachts and leisure yachts. The Protective Coatings business sells coatings to industries in the offshore and onshore oil and gas industries, the power generation industry, the renewable energy industry, and infrastructure industries. Products include intumescent coatings, metallic finishes, high-temperature coatings, and anticorrosive protective coatings. Jotun Powder Coatings supplies coatings to manufacturers of appliances, furniture, building components, pipelines, and general industries. Jotun has 40 production facilities in 23 countries.
Notes: In May 2022, Jotun Group announced a partnership agreement with Med Investment Holding Spa in Algeria for the production of Jotun paint and coatings in Algeria through a joint venture with Technover P. The joint venture will produce Jotun decorative paints and protective coatings to international standards in a newly built factory in the district of Tizi-Ouzou, east of Algiers.
In August of 2022, following the closure of its factory in Russia on March 3, Jotun divested its shares in its wholly owned subsidiary company “Jotun Paints” LLC. As of August 2, the Russian industrial company Atomstroykomplex took over the operation, employees, and assets.
Source: Annual Report, press releases
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