Norway paint maker Jotun exits Russia By Reuters

Norway paint maker Jotun exits Russia

Stock Markets Aug 02, 2022 06:30AM ET

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© Reuters. FILE PHOTO: Visitors check out the Jotun Coatings booth at the second "International Exhibition for Rebuild Libya" in Benghazi April 28, 2013. The exhibition runs from April 28 to May 1, 2013. REUTERS/Esam Al-Fetori

OSLO (Reuters) - Norwegian paint maker Jotun said on Tuesday it will exit Russia with immediate effect after selling its local assets in the country to industrial group Atomstroykomplex for an undisclosed amount.

Jotun, a global producer of paints and coatings, shut its Russian plant on March 3 following Moscow's invasion of Ukraine.

"It has become more and more difficult to operate in the country under the ongoing sanctions and we realise the situation won't change in the near future," Jotun said in a statement.

"The employees will keep their jobs under the new owner."

Norwegian industrial group Orkla holds a 42.6% stake in Jotun.

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