Revenue for Marine and Protective Coatings was up 3 percent from last year, with flat volumes and negative currency. Marine volume levels fell as New Construction output at the major yards continues to decline, along with a slow quarter for Coastal and Navy, partially offset by increase in Deep Sea Maintenance activity. Protective Coatings’ strong growth continues with Heavy Industry and Oil and Gas markets experiencing good rates of growth across all geographic regions, with the Americas proving particularly strong. Yacht performance has been affected by macroeconomic factors, with low market activity across all regions. Increasing raw material prices continue to pressure the margins despite our margin management activities. In Protective Coatings, launch activity is underway for Interchar 2060 — a thin-film intumescent fire protection product.
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