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High Raw-Material Prices Impact Jotun's 2011 Results

6:46 AM MST | February 21, 2012 | Sotirios Frantzanas

Paints and coatings company Jotun (Sandefjord, Norway) says sales increased 9.2% in full-year 2011, to NK10.7 billion ($1.9 billion) compared with NK 9.8 billion in 2010. Operating profits, however, decreased 23%, to NK 956 million in full-year 2011 because of higher raw-material prices. Information about Jotun's fourth-quarter 2011 results was not disclosed. Jotun's sales values and sales volumes went up in 2011 but the high costs of raw materials such as epoxies, titanium dioxide (TIO2), acrylics, and metals impacted the company's margins and profits. The...

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