Beginning in Slide 4. Coating Resins delivered sales of $387 million, a 6% increase versus the third quarter of 2010. The increase was driven by 10% higher selling prices and favorable currency exchange impact of 6%. We continue to maintain good pricing discipline and have achieved $39 million of selling price increases in the quarter, more than covering the raw material cost escalation. This was partially offset by the 10% volume decline due to weaker demand across a number of global industrial markets, with the greatest drops seen in Europe.The slowdown has impacted all of the Coating Resins product lines, with the waterborne products down the least at 1% versus the prior quarter. We are also seeing very tight inventory control measures being implemented broadly by our customers. Visibility is becoming more limited and we are now operating at more of a made-to-order basis as a result of short lead times and altered buying patterns.
Cytec Industries' CEO Discusses Q3 2011 Results - Earnings Call Transcript
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