Outgrow our markets: Delivered
- Improved market share in many key mature and high growth markets
- Opened our new €275 million Specialty Chemicals site in Ningbo, China
- In Performance Coatings, acquired the powder coatings activities of the Dow Chemical Company, and Changzhou Prime Automotive Paint Co., Ltd (to support our mid-market car refinishes business in China)
- In Decorative Paints, signed an agreement to become the primary paint supplier to Walmart in the US.
EBITDA margin > 14 percent: Delivered early
- Continued to manage gross margin percentage through pricing and procurement actions, despite challenging raw materials environment
- Completed delivery of €340 million of ICI synergies and almost all initiatives in our broader €200 million restructuring plan
- Achieved our 14 percent EBITDA margin target on an annual rolling basis in the second quarter of 2010.