Brazilian development bank funds Jotun Brasil's new paint unit
Varnishes manufacturer Jotun Brasil Importação Exportação e Indústria de Tintas will receive R$69m ($26.8m) in financing from the Brazilian development bank (BNDES).
The company will use the funding to construct an industrial facility in Itaboraí, Rio de Janeiro, which will manufacture ten million litres a year of solvent-based paint.
The facility is expected to help the company to increase its manufacturing capacity and meet the growing Brazilian demand for finishing paints.
The plant will also enable the enterprise to expand and consolidate its activities within the sector.
Founded in Brazil in 1998, Jotun Brasil, so far, has no industrial facility in the country and has manufactured its products in the country through the facilities of partner firms.
The company, which operates mainly in the oil and gas sector, manufactures products such as anticorrosive primers, polyurethane top coats and antifouling paint.