Marine and Protective Coatings

Full-year revenue was up 2 percent on the previous year, with volume growth offsetting adverse currencies. Our positions in marine deep sea improved on the back of successful new product introductions and global key account management. Volumes were also higher in protective coatings due to increases in the heavy industry segment across all regions – except Latin America – and some growth in oil and gas.

Fourth quarter revenue was up 8 percent on 2013 due to a pick-up in marine new build activity in China and South Korea, along with volume growth in protective coatings. Favorable currencies also contributed.