Jotun announced that it has sold its interests in Russia and left the country.
After the closure of the plant in Russia on March 3, Jotun announced that it had sold its shares to its wholly owned subsidiary company “Jotun Paints” LLC. Since 2 August, the Russian company Atomstroykomplex takes over the operation, employees and assets.
Jotun has been present in Russia since 1989 and has its own production facilities since 2017. At the end of 2021 the company had operations in all major parts of the country with a staff of over 300 people.
“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.