Zhangjiagang Bonded Zone signed a Letter of Intent (LOI) with Jotun Group for a high-performance coating project on March 7, marking a new phase of investment cooperation between the two sides.
Zhangjiagang Bonded Zone signed an LOI with Jotun Group for a high-performance coating project on March 7. [Photo/WeChat account: zhangjiagangfabu365]
Under the agreement, Jotun plans to invest an additional $200 million to build a high-performance coating production facility with an annual capacity of 200,000 metric tons in the bonded zone.
Tunc Kazancioglu, North East Asia Regional Vice President and General Manager of Jotun Zhangjiagang, noted that Jotun had built a strong partnership with Zhangjiagang over the years. He emphasized that Jotun is set to leverage its industry leadership and Zhangjiagang's strategic geographic location and robust industrial ecosystem to strengthen R&D investment and expand production capacity.
Zhangjiagang remains committed to fostering a first-class business environment. The city will continue to provide optimal services and robust support to enterprises like Jotun, working together to pursue high-quality development.
Jotun is a global leader in the paint and coatings industry. Since establishing its presence in Zhangjiagang Bonded Zone in 2004, the group has made cumulative investments of nearly $90 million, building the Zhangjiagang base into its largest single-site production facility worldwide.