For the full year, the performance in our Pulp and Paper Chemicals business was driven by encouraging results in the Americas and in our Specialty Products activities. The market strengthened as the year progressed although demand lagged in Europe. Paper Chemicals performance improved as a result of successful new product launches in retention and sizing. Although pricing in the mature markets remained under pressure, volume growth and cost containment offset the price pressure, leading to a performance improvement in our Pulp and Paper business.
Demand continued to be strong during the fourth quarter and revenue increased in all regions. Demand for bleaching chemicals was high in both the US market and export markets, while the Brazilian market continued to be stable. The investments in Brazil that came on line last year are running at capacity.