As President and CEO of Jotun, the world’s leading provider of marine coatings, Morten Fon follows the industry closely. But he doesn’t let today’s headlines determine the company’s long-term growth strategy.
In 2026, Jotun not only celebrated its 100th anniversary, but recorded another year of strong results, continuing a growth trend that has lasted for more than two decades. However, Fon notes that it hasn’t always been smooth sailing: Like the maritime industry itself, Jotun has faced some significant challenges over its long history.
“We have deep roots in the shipping industry,” explains Fon. “Our founder, Odd Gleditsch, was himself a seafarer before establishing Jotun in 1926 in Sandefjord, Norway. Over the next two decades, he kept the business going through the Great Depression and World War II, so you might say our ability to manage uncertainty is built into our DNA.”
Fon says that while the pace of change today has accelerated, shipping has always been a global industry, vulnerable to geopolitics, shifting trade patterns and changing regulations. “The cyclical nature of the industry represents both a management challenge and an opportunity,” he says. “As a company, we have no control over global events, but we can control how we respond to them. And so long as we have the right people, strategy and structure in place, we can create value.”
Innovation drivers
Today’s conflict in the Middle East reminded Fon of the closure of the Suez Canal between 1967 and 1975. “That crisis resulted in longer transit times for shipowners, resulting in a spike in demand for coatings that extended periods between drydockings,” he says. “This not only led to the rapid development of one of our most successful products but also changed how we looked at hull performance.”
Likewise, the IMO’s decision to implement a global ban on TBTs (a toxic chemical found in many hull coatings at the time) led to the development of Jotun’s revolutionary TBT-free antifouling, SeaQuantum, in 2000. “More recently, existing and pending regulations on emissions and alien invasive species resulted in the development of Jotun’s premium antifouling system, Hull Performance Solutions (HPS) in 2011 and Hull Skating Solutions, the industry’s first remotely operated proactive hull cleaning system, in 2020,” he says. “And in 2025, we launched HPS 2.0, which includes a suite of products tailored for different trades.”
Managing risk in uncertain markets
Fon acknowledges that Jotun has some structural advantages that help mitigate risk. “In addition to marine coatings, we supply products to a broad range of end users, from oil refineries to airports, bridges to offshore units, auto manufacturers to consumers,” he says. “When markets change, we can shift resources from one segment to another without losing competence. And because we have about 11,000 employees active in more than 100 countries all over the world, we have access to detailed market intelligence that allows us to identify trends at an early stage.”
Also, as a privately held company, Jotun can focus more on long-term performance than quarterly earnings. “The Gleditsch family has retained a majority stake of Jotun’s shares for four generations,” he says. “The Chairman of the Board position has passed from the founder, Odd Gleditsch, to his son, Odd Gleditsch Jr., to his grandson, Odd Gleditsch d.y. This smooth, generational transfer of control of the company has provided the organisation with the stability and long-term perspective that has helped Jotun become one of the fastest growing paints and coatings manufacturers in the world.”
Staying the course
Fon says that while the industry has changed a lot over the past few years, Jotun’s core growth strategy has remained remarkably consistent over the years: Leverage its expertise in marine coatings and service quality to help customers achieve their business objectives and comply with regulations. “We have many close, long-term relationships with customers who see us more as partners than suppliers, which helps us to anticipate market trends. But our strategy is driven by the long-term value of our offering, not just current events.”
Jotun also works in collaboration with other industry stakeholders and actively participates in a broad range of industry events, from seminars to regulatory working groups, press events to exhibitions. “Jotun’s involvement with Nor-Shipping goes back decades,” he says. “It’s a great place to showcase new solutions, meet customers and network. They have always put together a strong program, and we are confident that Nor-Shipping 2027 will be no exception.”
Core values
But when asked what accounts for Jotun’s resilience over the years, he has a simple answer: People. “Building on the legacy of the Gleditsch family, we have taken the time to embed our corporate culture and values throughout the organization,” he says. “This not only helps recruit and retain skilled workers it has also created a loyal and resilient workforce.”
A good example was how Jotun managed personnel during the pandemic. Unlike some competitors, Jotun retained all personnel at full salaries, which allowed the company to continue to serve customers, often under challenging conditions. “This built trust with yards and owners, putting us in a strong position to compete when restrictions were lifted,” he says. “That kind of dedication not only supports our business it says a lot about the culture we have built.”
Looking ahead, Fon remains confident that Jotun will continue to achieve steady growth. In fact, the company (together with its partner, COSCO) has recently announced plans to increase its licensed capacity to produce marine coatings at its factory in Qingdao, China. “2026 has already been a year full of opportunities and challenges and I expect the same in 2027,” he says. “But for a company that celebrated its 100th anniversary this year, I am confident we have the experience, personnel and strategy to continue to achieve good results going forward.”
