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In the third quarter of 2015 both revenue and results increased compared to the same period in 2014 and organic growth was realised. We continued to focus our businesses on technologies with growth potential and improve our marketing and sales approach. The implementation of the Operational Excellence projects made good progress, driven by our improved business management structure. We successfully completed the acquisition of VENTREX with effect from 1 October 2015, directly contributing to the earnings per share.

Building Installations realised organic growth and good results. Europe showed a positive development in some countries. Other European countries were still challenging or are coming from a low market activity level. North America realised a good result and further improved the marketing and sales approach, supported by many new product improvements and new products. 

Climate Control achieved good growth of revenue and results, mainly driven by the two acquisitions in 2014 and intensified group cooperation. The project activities in some countries did well, especially in North America and UK. The activity level was challenging in Russia and France. We will further focus on technologies with growth potential in combination with many improvement projects to be implemented and executed.

Industrial Controls showed a mixed picture in the different end markets.The market for district energy, oil & gas was still difficult. We will continue to focus our activities on high value technologies for niche applications. In the market for high pressure gas regulator and valve technology we strengthened our position through the acquisition of VENTREX.

Industrial Services made good progress with the integration of Impreglon, acquired in the last quarter of 2014. The management is strengthened and optimisation projects are being implemented. In most of the markets there was a good development. The activities in the markets for turbine & aerospace in North America and automotive in Eastern Europe did well. The focus on executing the improvement projects is intensified.

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