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Wood Finishes and Adhesives

Wood Finishes and Adhesives’ revenue decreased by 2 percent from last year, negatively affected by lower volumes and currency and partially offset by prices. Volumes remain weak in many of the market segments, mainly driven by the prolonged housing crisis in the US and slowing economies in Europe. However, demand remained stable in Northern Europe and grew in South America, Eastern Europe and Turkey. Operating costs remain below last year’s level, reflecting ongoing restructuring efforts and cost-optimization activities. The impact of raw material prices continues to affect our margins in all segments. New manufacturing capacity in Vietnam is scheduled to be commissioned in the fourth quarter and we are beginning construction of a new board resin facility in Peru.

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