Chairman of the Board
Long-term thinking
creates value
Jotun’s long-term investments in developing its workforce and expanding
production capacity contributed to achieving exceptional results in a
remarkable year.
Board of Directors, from left: Jannicke Nilsson, Einar Abrahamsen, Per Kristian Aagaard,
Nicolai A. Eger, Birger Amundsen and Terje Andersen. In front Odd Gleditsch d.y. (Chairman)
and Camilla Hagen Sørli. (Birger Amundsen passed away in December 2020)
As a privately controlled company, Jotun can afford to be patient, making long-term
investments that help the company achieve consistent growth, even in challenging
markets. In 2020, this patient approach to building the business not only enabled Jotun
to post outstanding results in a year characterised by a global pandemic, but also helped
the company outperform less resilient competitors in many countries and segments.
HIGH COST, HIGH REWARD
Jotun’s organic growth strategy allows the company to recruit, train and retain skilled
personnel over time to create a highly adaptable and experienced workforce in all
markets where we are active. The company’s significant investments in competence
development and its consistent efforts to build a culture grounded in the company’s
values of Loyalty, Care, Respect and Boldness, have helped create a highly adaptable
organisation that kept Jotun in business, and thriving, for most of 2020. As a result,
Jotun was able to retain workers at full salaries, even in markets facing strict lockdowns.
Jotun’s long-term investments in factory construction and modernisations also proved
critical in 2020. For example, Jotun was able to meet a spike in demand for decorative
paints in Scandinavia last summer thanks to the recent modernisation of the company’s
factory in Norway. And in China, where the company operates two, state-of-the-art
factories in Qingdao and Zhangjiagang, production was able to restart quickly to meet
pent up demand after lockdowns were eased in the spring.
STEADY COURSE
Even though Jotun faced challenging market conditions this year due to the pandemic,
the company did not lose focus on its long-term objectives. In 2020, the company
launched important initiatives aimed at further reducing Jotun’s environmental impact
and building a more diverse and inclusive workforce. The Board anticipates continued
challenges related to the pandemic and reduced activity in some markets in the year
ahead. However, the Board is confident that the strong commitment of the company’s
employees and continued investment in innovation and production capacity will enable
Jotun to continue to grow and put the company in a strong position when the pandemic
subsides.
As a privately controlled
company, Jotun can afford
to be patient, making
long-term investments that
help the company achieve
consistent growth, even in
challenging markets.
CHAIRMAN OF THE BOARD
Odd Gleditsch d.y.
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8 I Jotun Annual Report 2020