Former Russian factories of PPG, Hempel and Jotun now united
According to a “Coatings World” report, the Lithum Group, the former Russian branch of Norwegian paint maker Jotun, has become the largest coating manufacturer in Russia after taking over the business of PPG and Hempel.
As Coatings World states in a “Russian Report”, “Jotun sold its Russian assets to Atomstroykomplex, a Ural-based construction firm, in August 2022 for an undisclosed amount.” Jotun Paints then passed through a re-branding and got a new name, Lithum, shortly after the deal was closed. “In July 2023, Atomstroykomplex also acquired Hempel assets in Russia, though, as the Danish company pointed out, no active business was involved in the deal”, the article states.
Leader of the Russian coatings market
As the report goes on, “in September 2023, Lithum announced that PPG followed the same path and sold its Russian assets to the company. Again, the terms of the deal, specifically the value and whether a buyback option was included, have not been disclosed.” According to “Coatings World”, the new company formed on the basis of the former Jotun, Hempel and PPG assets in Russia will become the largest player in the domestic coatings market – and also “plans to consolidate its position as the leader of the Russian coatings market in the next five years, and eventually begin export sales”.
