The Coatings and Fiberglass-Composite Pipe businesses were impacted by the prolonged lack of spending in a number of key markets, such as offshore and marine. Both businesses reported lower sales and profits in the first quarter of 2000, compared to the same period in 1999. James Marlen, Ameron’s Chairman, stated, “Despite continued softness in Coatings and Fiberglass-Composite Pipe markets, we were able to exceed expectations. As we previously indicated, improvement by the Coatings and Fiberglass-Composite Pipe businesses is not expected until the second half of the year. Although orders for fiberglass pipe for use in oil production have increased substantially, other anticipated improvements are not expected until later in the year. We remain optimistic that full-year results should exceed the record level of 1999.”
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