Agreements were officially signed on Jotun Group's new high-performance coating project and liquid coating R&D center, with a total investment of $330 million, in Zhangjiagang, Suzhou, on Dec 2.

Headquartered in Norway, Jotun is a global leader in the paint and coating manufacturing industry. It has established its largest production base and a key R&D center in Zhangjiagang. Upon the new project reaches full production, the Jotun Zhangjiagang base is expected to achieve an annual output value of 10 billion yuan ($1.41 billion).

Toni Cazzanigaoglu, global vice-president of the Jotun Group, said that over the more than 20 years since Jotun made a presence in Suzhou, it has continuously expanded its investment scale, achieving a win-win partnership with the region.

"We are fully confident in Suzhou's future development and hope that this new project will serve as an opportunity to further deepen practical cooperation, promote sustainable development, and jointly create a better future," he added.

An aerial view of Zhangjiagang. [Photo/VCG]