Revenue in 2011 ended 4 percent higher than the previous year. Revenue growth was driven by a volume increase of 4 percent mainly due to strong growth in Asia, recovery of demand in North and South America, and robust demand in the Aerospace Coatings market. In 2011 we also successfully introduced the Wanda waterborne base coat in North America and Asia. Adverse currency translation impacted revenue. Increases in raw material prices were mitigated by selling price increases. We experienced slowdown in demand mainly coming from countries most impacted by the eurozone crisis. The expansion of our US automotive repair distribution network through the divestment of company owned stores to LKQ was partially compensated by the Prime acquisition. We announced an investment of €60 million to increase production capacity of our businesses in China which builds on last years acquisition of Prime Automotive.
In Q4, revenues increased 1 percent. The growth rate in Asia slowed down, but was covered by increased volumes in Americas and Aerospace coatings. Total volumes ended similar to Q4 2010.