Industrial Coatings had a good start to the year with revenue increasing 22 percent during the year, mainly due to higher volumes, improved margins and a positive impact from currencies. In the first half of 2010 we saw a strong recovery of business activities compared with 2009. Raw material costs rose substantially, but margin management initiatives mitigated part of the increased costs. Our continuous focus on costs in mature markets reduced costs as a percentage of revenue. Coil Coatings showed strong volume and revenue growth in 2010 in all regions, driven mainly by activity in Asia Pacific and high growth regions of Europe, particularly Russia and Turkey. Compared with last year, Specialty Plastics saw a volume and revenue drop in Asia in its main businesses (wireless and IT) while the Automotive and Cosmetics businesses booked increased volume and revenue. In addition, the Film business showed strong revenue growth. Packaging Coatings’ more stable beverage and food-related business saw a robust increase in volume and revenue, particularly in high growth markets such as Asia Pacific and Latin America. The Lindgens acquisition was completed in September, adding technology and expertise to our Packaging Coatings activities, particularly in the market for inks printed on the outside of two-piece metal packaging.
In Q4, we encountered a better trading environment and delivered a strong Q4 result. Revenue was up 26 percent over last year, mainly driven by increases in selling prices in all businesses. In Packaging Coatings, notably in Europe and Asia, business did well mainly due to increased volumes.