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Wood Finishes and Adhesives

Revenue increased 9 percent over the previous year. This was mainly due to a positive currency effect, the SABA and Kronospan acquisitions and increased demand. Recovery in demand varied by region, with high growth markets leading the way, especially Asia where the Wood business improved significantly. The Asian furniture export market has seen a substantial increase in demand over 2009. The domestic furniture business in China is also contributing to top line growth. The mature markets remain weak, particularly North America, where the housing recovery showed no signs of improvement affecting our Wood business. Our Adhesives business in Europe saw signs of improvement over 2009, while margin management initiatives in the various businesses compensated for increased raw material pricing in all segments.

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