Revenue in 2011 ended 17 percent higher than the previous year, with acquisitions contributing 10 percent of this growth. Excluding acquisitions, volumes in the second half of the year were adversely impacted by the weakening of the economic environment. Continued raw material price increases impacted margins adversely, though were partially offset by sales price increases. The Americas and Europe contributed to strong volume growth. The Rohm and Haas integration process was completed as planned. A leading global agricultural and construction customer selected Interpon ACE High Temp Black as the only high temperature powder coating approved for their use. Ambitious plans for the high growth markets were also highlighted by opening extended new facilities at the manufacturing plant in Izmir, Turkey.
Revenue in Q4 was ahead of the previous year by 2 percent supported by good performance in the Automotive and Agricultural construction equipment activities. However, volumes before acquisitions were impacted by the weak economic environment. The Architecture, Furniture and Domestic Appliances activities showed further weaknesses, mainly in Southern Europe and parts of Asia.