Jotun Paints eyes strong growth in four segments
NILAI: Norwegian company, Jotun Paints ( M) Sdn Bhd, aims to achieve strong single- digit growth in sales next year in all its four segments of decorative, powder, marine and protective paints for the Malaysian and Singapore markets, from current 1.6 billion Norwegian krone ( 1NOK = RM0.52), driven by growth in local economy.
Jotun Malaysia and Singapore Managing Director, Eric Mallace, said the company’s new RM60 million powder coating factory here would contribute to its bullish ambition to achieve its target and increase market share to single- digit growth next year.
“This significant investment, which represents the single largest investment in global Jotun powder factory history, is a testament to our confidence in the growth of the country’s economy, including our longterm commitment to Malaysia,” he told reporters at the opening of the Jotun Powder Factory yesterday.
The new factory would increase the company’s production capacity twofold, which was pivotal in increasing its market share, he said.
Also present were Princess of Norway, Martha Louise, Jotun Chairman Odd Gleditsch and Jotun President/ Chief Executive Officer Morten Fon.
Mallace said as one of the fastest-growing paint companies, Jotun Paints has grown in all four segments in the paint market, achieving NOK1.3 billion sales last year.
He said the company aimed to increase double- digit growth in the powder coating segment in 2018, adding that the Malaysia and Singapore markets currently contributed up to seven per cent of the group’s total revenue.
“This new 4,800- square metre factory, which is equipped with the latest in technology to improve output and enhance the production processes, can manufacture up to 6,000 metric tonnes of paint annually. It can be further expanded to increase production to over 20,000 metric tonnes per annum,” he said.
Meanwhile, Gleditsch said, Malaysia has been instrumental in being a stepping stone for Jotun to grow its business in this region.
“The success of Malaysia has spurred the group to make a strategic move to vigorously expand our presence in SouthEast Asia,” he said.
Malaysia is the regional hub for Jotun South- East Asia’s operations and Research and Development Centre for the development of new products for Asia.
Besides Nilai, the company also has a waterborne factory in Shah Alam. — Bernama