Question-and-Answer Session
Operator
(Operator instructions). And we will take our first question from Kevin McCarthy of Merrill Lynch.
Kevin McCarthy -- Merrill Lynch
Yes, good morning.
Paul Huck
Good morning.
Nelson Squires
Good morning, Kevin.
Kevin McCarthy -- Merrill Lynch
Yes, on the joint ventures, Paul, it looks like you are seeing continued improvement there based on quarterly numbers. Can you comment on whether your outlook for the non-consolidated financials is similar to your remarks for the consolidated results?
Paul Huck
Yes, they are, Kevin, pretty much, yes. It goes according to regions there, but we have all the regions of the world, so yes.
Kevin McCarthy -- Merrill Lynch
Okay. Then on Merchant Gases, can you comment on the price outlook there, in particular it looks like Asia led slightly off about 2% year-over-year. How would that look on a sequential basis and perhaps you could comment on your recent price increases and what kind of success you might be seeing there.
Paul Huck
Nelson, do you want to take that?
Nelson Squires
Yes, hi, Kevin, this is Nelson. Let me maybe walk through region by region to cover that.
In North America, we did launch a price increase effective October 1, and we are pleased with the results so far. Obviously, it is still early, but the early returns are favorable there. And so we expect pricing to be probably flat to up a bit in North America for the fiscal year.
In Europe, we actually do expect pricing to be up. We're taking a number of actions there on a country by country basis, some of it tied to higher power, but we are trying to take advantage of certain situations to get price up and so we expect price to be positive in 2010 in Europe as well.
In Asia, and by the way, on a sequential basis, probably flat this on a price basis. We probably will see pricing be flat to slightly down as assets continue to get loaded in the region. Now, we're not too concerned about that, but net on that, we expect pricing to be a slight positive in Merchant in fiscal 2010.
Kevin McCarthy -- Merrill Lynch
Okay, and the final question, if I may. On Electronics and Performance Materials. Did I hear you right, Paul, that you are targeting a 15% operating margin there in 2011, and if that is correct, maybe you could elaborate on how much of the incremental improvement might be derived from cyclical recovery versus your restructuring actions and other factors?
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