In Decorative Paints, full-year revenue growth was 7 percent, with volumes up 5 percent, price increases up 3 percent and an adverse impact of currencies of 1 percent. Revenue in Asia and the Americas showed double digit growth in 2011, mainly driven by price increases and the new Walmart contract in the US. Demand declined in Europe, while growth rates achieved in China and South East Asia outpaced market growth. However, the pace of market growth slowed down in these markets in the second half of the year.
Performance Coatings’ 2011 revenue was up 8 percent, supported by volumes (2 percent), acquisitions (2 percent) and price (5 percent). Adverse currency impact was 1 percent. Industrial Coatings showed the largest volume increase, driven by good performances in Packaging and Coil Coatings, while Wood Finishes and Adhesives had lower volumes due to weaker demand in the housing market.
Specialty Chemicals had a solid performance during 2011. Revenue grew over 2010 on price increases, with limited overall volume growth due to the economic slowdown and growth being hampered in some businesses due to capacity constraints. Volume growth was evident in market sectors for Surface Chemistry and Pulp and Paper Chemicals, where the demand remained strong.
Acquisitions and investments
In 2011 we made several acquisitions and significant investments:
We expect that our capital expenditures in 2012 will be in line with 2011.
Revenue in € millions