SANDEFJORD, Norway - Jotun Group posted total net sales in the first eight months of 2012 of NOK 7 686 million, while earnings before interest, tax and amortization (EBITA) were NOK 888 million in the period. Morten Fon, President and CEO of Jotun, attributes the success to continued strong growth, an easing in raw material costs, appropriate pricing and good product-mix management.
The sales growth was driven by the strong performance of decorative paints and protective coatings in Scandinavia, the Middle East and Southeast Asia. The Marine segment has had sales growth despite tough market conditions, especially in new-ship construction. The Powder Coatings segment also showed healthy sales and margins.
Jotun is expanding with new operations in Cambodia, Morocco, Algeria, Myanmar and Bangladesh. The company has invested in its new factory in Norway and construction of new factories in China, the United States, Russia and Brazil. Other sizable investments have been new land and a warehouse in Vietnam and a new regional service center in Dubai.