Revenue was up 13 percent, supported by price/mix and currencies. There was a small decline in volume. The Marine new construction slowdown was offset by strong growth in the protective segment. In Yacht, overall activity remained in line with 2011.
In Q4, revenue was 5 percent ahead of the previous year, supported by favorable currencies and price/mix initiatives. Activity levels in Marine remained low, partially compensated by the oil and gas segment in Protective Coatings.