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Marine and Protective Coatings

Revenue for Marine and Protective Coatings was up 7 percent, positively impacted by currencies. In Marine, volume development has been positive, with the year finishing ahead of last year’s level. Record activity levels in new construction in China and Korea were the driving force behind this. New construction finished the year ahead of 2009, more than compensating for weaker performance in deep sea maintenance markets, which was down on 2009 as cash conscious owners look to delay maintenance and repair expenditure. This change in mix, combined with significant levels of raw material price inflation, caused margins to fall below last year’s levels. In Protective Coatings, we saw modest volume growth towards the end of the year, an indication of some recovery. In Heavy Industry, the high value infrastructure sector suffered from the unwinding of infrastructure stimulus programs, while growth in Oil & Gas markets was also impacted by the prevailing economic climate. In Yacht, volumes were up overall, with prices holding up well, although margins saw some negative impact from increasing raw material costs, especially during the final quarter. In the European super yacht market, new project signings were made, but the North American production OEM sector and super yacht newbuild sector remained weak. In Singapore, we officially opened our new worldwide product development laboratory focused on developing the next generation of marine paints.

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