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Marine and Protective Coatings

It was a slower Q1, with activity levels down compared with 2009. Revenue declined 6 percent, but we maintained a strong financial performance on lower volume. Reduced demand in Marine was driven by lower activities in “deep sea” maintenance. In Protective Coatings, the increase in heavy industry was offset by a slowdown in oil and gas activities, resulting in slightly lower activity overall. With lower revenue and increasing raw material prices, an increasing focus is being given to controlling cost levels. Yacht had a strong start to the year, with volumes ahead of Q1 2009, driven by sales into the European superyacht market and distributor restocking in the US. During January, we closed the acquisition of Camcoat Micron – a marine and protective distributor in the Canadian market.

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