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.
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. 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.
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)
74 I Jotun Group Report 2020 Chairman of the Board, Odd Gleditsch d.y.