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Norway’s Jotun announces sale of assets in Russia — company

Jotun CEO Morten Fon noted that the company regrets the selling, but it has become challenging to operate in Russia

STOCKHOLM, August 2. /TASS/. Norway’s Jotun, one of the global leaders in production of paints and powder coatings, announces the sale of all its assets in Russia and the exit from the Russian market, the company said on Tuesday on its website.

"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 realize 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," Jotun CEO Morten Fon said.

According to terms of the deal, Russia’s Atomstroykompleks will take over Jotun’s assets in Russia since August 2.