NIB finances Jotun’s Vindal factory and R&D

NIB and the Norwegian paint and coating company Jotun A/S have signed a 10-year-maturity loan agreement of EUR 90 million (NOK 733 million). The loan will help finance Jotun’s paint production facility in Sandefjord, Norway, and for R&D cost in 2013—2016.

The Jotun Vindal factory started operations in May 2012, and replaced three other production sites in southern Norway. The new factory has led to shorter process times, more stable quality and efficient production, and is estimated to give annual cost savings of around NOK 88 million, or 1.5 percent of total operational costs.

Jotun estimates to increase R&D activities by approximately 5 percent annually in the 2013-2016 period, corresponding to around 3.5 percent of total sales. Jotun’s R&D focuses on phasing out solvent-borne paints for water-borne paints and developing coatings for ships to reduce water resistance and thus emissions.

Jotun A/S is part of The Jotun Group, a leading supplier of paints and powder coatings, with 36 production facilities on all continents. Jotun is the world’s largest producer of marine coatings and has its headquarters in Sandefjord, Norway. The Group has about 9,500 employees and is represented in more than 90 countries.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact

Vidar Omholt, Senior Manager Origination, at +358 10 618 0286,

Arild Moen, Senior Communications Officer, at +358 10 618 0496,