coatings segment increased 56.7% to $321.9 million in the second quarter, compared to $205.5 million in the second quarter of 2001. Coatings income was $29.5 million in second quarter 2002, compared with $17.7 million last year. The increase is mainly attributed to higher volumes related to the dmc2 acquisition and stronger market demand in several key end markets, according to the company.
The markets providing the strongest year-over-year increases include the building and renovation, appliance, automotive production and consumer container glass and color markets, according to the company. The 67% increase in segment income was largely the result of increased volumes, internal cost reductions and the benefits of the dmc2 acquisition. Sales in the coatings segment increased more than 12% compared with the first quarter 2002 as demand continued to improve in most markets, especially the U.S. and Asia-Pacific. The electronics market also contributed to the increase, according to the company.