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Marine and Protective Coatings

Q3 showed a modest increase in activity. Revenue was flat in constant currencies. In Marine, volumes grew over last year. The new construction markets, especially China and Korea, and the coastal and navy segment, were robust, while the deep sea maintenance business continues to run behind last year’s levels. Comparing Q3 2010 with the previous year, the Protective volumes, mainly in Asia, showed a reduction due to a slowdown in the build schedule for floating production storage and offloading vessels in the downstream oil and gas segments. In our European yacht business, the retail market is steady and the industry order book for superyachts remains strong. The North American yacht retail and general professional markets have improved over the previous year. A weaker sales mix and increasing raw material prices impacted margins compared with 2009.

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