Performance Coatings – Overview
- Volumes up 2 percent
- Revenue flat compared with the previous year
- Operating income down 16 percent as higher restructuring costs more than offset operating income improvement
- A new organizational structure is being implemented in order to drive leading performance
Volumes were up, driven by Marine and Protective Coatings and Powder Coatings, partially offset by lower volumes at Automotive and Aerospace Coatings. Revenue was flat compared with the previous year as price/mix and adverse currencies offset higher volumes. Cost control measures continued in all businesses. The new organizational structure reduces the number of management layers, resulting in higher restructuring costs in the quarter.