Jotun and Cosco Shipping have reinforced their commitment to one another with the renewal of their long-standing joint venture.
The joint venture, first signed in 2005, secures the future of Jotun Cosco Marine Coatings (JCMC), a 50-50 owned entity that is one of China’s major marine coating suppliers.
The signing of the joint venture took place at an event held at Cosco Shipping’s headquarters in Shanghai. A gathering of business and political leaders witnessed the signing, including Xu Lirong, Chairman of Cosco Shipping Group, Torbjorn Roe Isaksen, the Norwegian Minister of Trade, Industry and Fisheries, management teams from Cosco Shipping Group and Jotun, and further attendees from the Norwegian government and embassy.
Jotun, headquartered in Norway, is a large provider of advanced marine coatings and has a long history in China, establishing its first base in the country in 1983. It has since expanded to operate five companies and two factories, with 1600 employees and domestic revenue of US$494 million.
JCMC employs 700 people and owns a factory in Qingdao, with sales offices in Hong Kong, Guangzhou, Shanghai, Dalian, Qingdao and Fuzhou, as well as a network of warehousing and supply points to serve local demand.
Since opening in 2005, JCMC has grown market shares from 17% to 36%, with a 50% share in the newbuilding segment.
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