Jotun COSCO JV

COSCO International Holdings has completed the formation of a new joint venture, Jotun COSCO Marine Coatings (HK) Ltd. (Jotun COSCO). Lin Libing, deputy managing director of the company, said, “We are very glad to join hands with Jotun A/S to develop the marine coatings business in China. Such cooperation not only brings our marine coatings business to a new height, but also implements COSCO International?s development strategy of specialization in various coatings businesses, which paves the way for becoming a leading coatings enterprise in China.”

Jotun COSCO is a 50% equity interest joint venture owned by Norway?s Jotun A/S and COSCO International respectively. In July this year, both parties signed the shareholders? agreement to establish a new joint venture at a total investment value of $10.4 million. Both parties transferred their equity interest in Guangzhou Jotun Ocean Paint (JOP) into Jotun COSCO, which will wholly own JOP as well as its sales offices located in Shanghai, Dalian, Chengdu and Hong Kong. The new company will engage in the marine coatings business in China (including Hong Kong and Macao) as a whole, including the manufacture and sales of coatings for new buildings.