Revenue in the US was down 3 percent (4 percent up in constant currencies). Volumes in the US were in line with previous year. The new Walmart business delivered the majority of the Q3 revenue improvement. Performance in the US declined due to raw material cost increases outpacing pricing actions, a continued weaker product mix and investment in Walmart. In Canada, Q3 revenue was 6 percent below 2010 (5 percent in constant currencies) driven by lower demand, particularly in Retail. The decrease in demand was due to weak consumer confidence. In Latin America, Q3 revenue was 22 percent above 2010 (25 percent in constant currencies) driven by price, mix and share gain. Successful marketing campaign (Tudo De Cor) and new product launch contributed to the favorable share development.
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