Latin America

Full-year revenue was down 1 percent in Latin America due to adverse currency effects and lower volumes, partially compensated by positive price/mix. The economic environment was challenging during the year, especially in Brazil. Increased costs for imported raw materials in local currencies posed significant challenges to the business. Improvement actions and cost control in the region contributed to the results.

In Q4, revenue was down 14 percent due to adverse currency effects and lower volumes, partially offset by positive price/mix. Market conditions remained unfavorable and economic instability continued in the region, with some countries experiencing strong currency devaluation. The adverse currency developments again increased costs for imported raw materials in local currencies.