Busan: Jotun, the Norwegian marine coatings manufacturer, will invest $29m in the Busan-Jinhae Free Economic Zone Authority. A memorandum of understanding has been signed between the authority and the paint and coatings maker. The agreement involves building a factory in the Jisa Foreign Investment Zone, an area located within the Busan Science and Industrial Park. Jotun already has a Korean joint venture, Chokwang Jotun, which was created in 1988 with Chokwang Paints Co. The venture supplies products to yards such as STX Shipbuilding, Hanjin Heavy Industry and Construction, and Hyundai Heavy Industries. [22/11/06]
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