The company also reported the turnaround of its decorative coatings business unit has continued in the quarter with a strong bottom line performance. This improvement in earnings has largely resulted from the ongoing restructuring programs that are being implemented in mature markets. Almost all countries are supporting this upswing.
Additionally, in the quarter the industrial finishes unit successfully completed the acquisition of Chemcraft while the prolonged correction in the North American residential construction industry has lead to soft demand in the North American-based and the Asian export driven businesses, the company said. The marine and protective coatings unit continued its excellent performance with double-digit revenues growth while the car refinishes unit performance was reported on track.