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Marine and Protective Coatings

Revenue for Marine and Protective Coatings was down 2 percent compared to last year, supported by an increase in volume by 3 percent, but negatively affected by currency. Marine experienced flat activity levels, with new construction remaining at prior year levels. The increases in raw material prices over the last few quarters have had an increasingly negative impact on Marine’s fixed priced new construction projects. Deep Sea Maintenance saw a small improvement in volumes, offset by a reduction in Coastal and Navys business. In Protective Coatings we continue to see strong growth in all regions, with both the heavy industry as well as oil and gas markets contributing towards this. Yacht has seen a slower quarter with volumes down as a result of weaker retail market activity in North America and Europe, while Asia Pacific remained flat. The impact of raw material price increases is visible in all segments. A new €7 million, state-of-the-art fire protection laboratory was opened at the Felling, UK, site in June, creating one of the key global RD&I centers of excellence. This site will significantly improve our ability to develop new products for the market.

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