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Functional Chemicals

The performance of Functional Chemicals remained strong. With the exception of the residential construction related industries, real growth has returned in most of our end-use markets. Additionally, supply disruption has led to market tightness in certain segments. The broad improvement in fundamental demand, combined with the further commercialization of our key growth platforms (Chelates and High Polymers), resulted in a 10 percent increase in volume in the quarter. Revenue increased a corresponding 21 percent, driven by the volume increase, improved pricing and an 8 percent favorable currency effect. The synergies from the merger of the former Polymer Chemicals activities are materializing as planned. Growth, firm margins and cost savings all contributed to a significantly improved bottom line performance during the quarter. The construction and start-up of the expansion project in Ningbo, China, is in the final completion phase.

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