TAGS: Architectural Coatings Industrial Coatings
Jotun Group (Norway) and Med Investment Holding Spa (Algeria) concluded and executed a partnership agreement for producing Jotun paint and coatings in Algeria through a joint venture with Technover P.
JV to Produce Decorative Paints and Protective Coatings
The joint venture (Technover P) will produce Jotun decorative paints and protective coatings to international standards in a newly built and well-equipped factory in the district of Tizi-Ouzou, east of Algiers.
This partnership is the first foreign direct investment (FDI) and production establishment in Algeria from one of the world’s leading global suppliers of coatings. Jotun aims to meet the continuing growth in construction as well as the industrial, oil & gas sectors in Algeria.
Richard Chapman, Jotun’s regional director for MEIA Emerging Markets declared, “
This investment shows Jotun’s long-term commitment to the Algerian market. We can now bring our clients in Algeria the highest quality, internationally approved decorative paints and protective coatings. This is in line with Jotun Group’s strategy and values and fits well with Med Investment’s long industrial experience in Algeria”.
Lies Kerrar, general manager of Med Investment Holding, declared, “
This production investment is in line with our continuous strategy and focus of developing competitive and quality-focused local production. We have successfully done that in the pharmaceutical sector by increasing significantly locally produced medicine market share. With Jotun’s high quality and technically performing products, we expect that our partnership will succeed in increasing the market share of locally produced quality and performant paint and coating.”
Source: Jotun