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Marine and Protective Coatings

Activity levels were stronger during the second quarter, with volume levels up compared with 2009. Revenue increased 8 percent, including a 10 percent favorable currency translation impact. The new construction market in Marine in particular exceeded the expected volume levels – China proved especially strong – while the deep sea maintenance business continued to be slow. Activities also remained sluggish in the primarily construction-related protective coatings markets, excluding oil and gas. Yacht had a good second quarter, with volumes significantly ahead of the previous year, partly driven by strong activity in the European superyacht sector. The US market conditions improved over the very poor Q2 of 2009. The successful European launch by the Awlgrip business of Awlcraft SE, a high performance, metallic finish system, is now being followed up by a launch into the North American yacht market.

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