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Jotun Paints has acquired nine hectares of land in the Fedorovsky Industrial Park to construct a factory for production of paint and powder coatings. When complete, the factory will have a capacity to produce up to 15M litres of paint and 3000t/yr of powder coatings. Jotun’s total investment in this project will be approximately US$50M.
"The Jotun Board of Directors has approved construction of our first factory in Russia,” said Svein Stolpestad, Jotun Group vice president for Business Development and Strategy. "It is very important to have local production to support our sales growth and to be more responsive to our customers in Russia.”
The industrial park is being developed by the company Fed-Immobelin, near the town of Fedorovsky in the Leningrad Region, with the investor being UFG Real Estate Group. The parties have agreed not to disclose the purchase price.
w In other news, Jotun Paints has also announced its partnership with Home Centre, a Middle East region furniture retailer. The alliance will allow Jotun to promote and highlight ‘Colour Trends 2011’ across all the Home Centre retail branches in the Middle East. Strongly based on current interior design trends that reflect Arabic culture and life style, the line is made up of four trends — 24 colours; six colours per palette in each trend that can be achieved through using Jotun’s Fenomastic and Lady Essentials paints.