Pulp and Performance Chemicals delivered strong growth over 2011. Revenue was up 3 percent, mainly due to favorable currencies, with volumes being lower than last year. The market in 2012 showed some weakening in demand, especially in bleaching chemicals, which was affected by the general economic climate and slower growth in China. Strong margin management and cost reduction measures contributed to the improved performance.
Q4 revenue was up by 7 percent, mainly as a result of favorable currencies, with flat volumes in the quarter. The Eldorado investment in Brazil came on stream, with the first chlorine dioxide volumes being shipped. We completed the divestment of Permascand, an equipment manufacturer, and a small Paper Chemicals activity in Germany.