Gold Magazine May - June 2013, Issue 26

The Cypriot authorities now need to prove that they have a stable and predictable business environment Gold: 2012 was an excellent year for Jotun with record sales and strong growth in earnings. What’s the secret of the company’s success? Morten Fon: A number of factors affect our performance. We have a strategy that has stayed firm over time, we have a fortunate geographical footprint and, lately, raw material prices have stabilised. Most of all, however, our successs is based on a very strong corporate culture and our 9,000 excellent employees. Gold: The company is unusual in a global context in that it has remained for almost 90 years under the ownership of the founder’s family. What are the advantages of such a model? M.F.: The Gleditsch family is still the majority shareholder of the company and this has ensured long-term thinking and a willingness to invest. Jotun has invested in a number of greenfield markets and both management and owners have the patience to wait for payback. In addition, the family involvement has helped ensure our strong corporate culture. We call this sense of close-knit family, this enterprising spirit, desire to work together and shared success Jotun’s “Penguin Spirit”. Gold: What made you set up Jotun Cyprus Ltd? M.F.: Cyprus is an important part of our global marine coatings network, both when it comes to vessel ownership and vessel operation. In addition, we have chosen to sell marine products locally too. Gold: What was behind the decision to move into new offices in Limassol? M.F.: To be honest the old office was not up to the standard we wanted to see and I firmly believe that our employees deserve to have good offices and a good working environment. They will perform better and Jotun will benefit. Gold: The move came at a time when Cyprus was still reeling from the shock of the drastic changes to its banking sector. Would you agree that your decision sends a very positive message to the local and international business community? M.F.: Yes, and I hope it can be a small signal among the many more negative messages. We have been in the marine coatings industry for many years and we know that it is cyclical, meaning that there will be better times ahead. Our decision will ensure we are better prepared for them than ever. Gold: Have recent developments in Cyprus (the bailout, the bank restructuring, etc.) had any effect on your plans for your business on the island? M.F.: We have, of course, evaluated the situation but, as I said, we will continue to build our business and prepare for better shipping markets. Gold: How quickly do you think that Cyprus will be able to restore its damaged reputation as an international business centre? M.F.: That’s a difficult question but for those operating their shipping business from Cyprus I believe it will be more positive once there is an upturn in the global shipping market. In more general terms I believe that the Cypriot authorities now need to prove that they have a stable and predictable business environment. Gold: How do you see the future of the Cyprus shipping industry, which obviously has a direct effect on your own business? M.F.: Again, my point of view is that it will be affected by the global shipping market and any new changes in laws and regulations. As long as this stays stable, Cyprus will be a good place to be for shipping. Gold: What are Jotun’s future plans, as regards further expansion and entering new markets? M.F.: As part of our organic growth strategy we will continue to look for and invest in new markets. At the same time we are continuously investing in capacity and stronger market positions in our existing markets. BOOK REVIEW Marvel Comics: The Untold Story By Sean Howe (Harper Collins, 2012) F RRP: £16.99 (£10.02 from amazon.co.uk) rom a tiny office on Madison Avenue in the early 1960s, a struggling company named Marvel Comics introduced a series of bright-costumed superhero characters – Spider-Man, The Fantastic Four, Captain America, The Incredible Hulk, The Avengers, Iron Man, Thor, X-Men, Daredevil – who quickly won children’s hearts and sparked the imagination of pop artists and intellectuals. Interweaving history, anecdotes, and analysis, Howe traces Marvel’s long rise to a multi-billiondollar enterprise, revealing how it weathered Wall Street machinations, Hollywood failures, legal battles and the collapse of the comic book market. He also introduces the men behind the magic, including self-made publisher Martin Goodman, energetic editor Stan Lee, and Jack Kirby, co-creator of many of the company’s characters. A story of fertile imaginations, lifelong friendships, unlikely alliances and thirdact betrayals that incorporates more than one hundred original interviews with Marvel insiders then and now, this is a gripping narrative of one of the most dominant pop cultural forces in contemporary America. If you bought the comic books years ago, you’ll want to read this now. the international investment, finance & professional services magazine of cyprus Gold 73

Gold Magazine May - June 2013, Issue 26 | Página 73