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Marine and Protective Coatings

Revenue for Marine and Protective Coatings was up, supported by volume and currencies. Marine showed increased revenue and volumes, mainly in the new construction markets in Korea and China – where yard output remains high – while there was some recovery in deep sea activity. In Protective Coatings we saw increased volumes in all regions, especially in the heavy industry and oil and gas segments. In the Asia Pacific region, the high value infrastructure sector also continued to grow, partly driven by stimulus packages. Yacht experienced a slower quarter compared with the previous year, with volumes down as a result of higher activity levels in Q4 2010, delayed projects in Western Europe and lower activity levels in North America. In Marine we launched a new product – Intergard 9001. This offers a step change in performance for chemical/product tanker owners and is our first move into this product technology area.

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