Revenue in Decorative Paints for 2012 increased 2 percent, mainly due to positive price/mix and favorable currencies. Asian revenue is growing due to strong volume development in China. However, market conditions remain challenging in Europe and Latin America.
In Performance Coatings, revenue increased 10 percent compared with the previous year. The strongest growth came from Industrial Coatings and Marine and Protective Coatings. Volume declined, with differences between individual businesses.
Specialty Chemicals made a good start to 2012, but demand started to weaken in the second half of the year, particularly in Europe and in general in construction-related products. Demand was also more volatile.
Acquisitions and divestments
In early 2012, we boosted our Speciality Chemicals portfolio with the acquisition of Boxing Oleochemicals – the leading supplier of nitrile amines and derivatives in China and throughout Asia. The Schramm/SSCP acquisition accounted for the acquisition effect in Performance Coatings as these activities were consolidated from Q4 2011. On December 28, 2012, we completed the divestment of Chemicals Pakistan, which was subsequently deconsolidated.