Following the closure of the factory in Russia March 3, Jotun has divested its shares in its wholly owned subsidiary company “Jotun Paints” LLC. As of August 2 the Russian industrial company Atomstroykomplex takes over the operation, employees and assets.
“We have worked to find a solution for our operations in Russia since late February. It has become more and more challenging to operate in the country under the sanction regimes and we realise that the situation will not change in the near future. 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”, says President and CEO Morten Fon.
Jotun has been present in Russia since 1989 and has had its own production facilities since 2017. At end of year 2021 the company had activities in all major parts of the country with a staff of more than 300 people. Current employees will keep their positions on existing agreements and terms with the new owner. Brands, intellectual property and technology are not part of the transaction.
The transaction price will not be disclosed.
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