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Wood Finishes and Adhesives

2011 revenue was 1 percent above the prior year, adversely impacted by lower volumes. Demand remained sluggish in the mature markets of North America and Europe for most of the year. We continue to strengthen our position in the high growth markets with a focus on the Asian domestic markets, Latin America and Eastern Europe. In 2011, we commissioned a new wood finishes manufacturing facility in Vietnam, and began construction of a new board resin facility in Peru. In 2011, we introduced VOC-compliant coatings into our European and North American distribution lines and we commercialized a new generation of superior scratch-resistant coatings for pre-finished hardwood flooring.

Revenue for the quarter was 5 percent above prior year, driven by pricing actions to offset higher raw material costs with volumes almost flat. The demand drivers were relatively stable in the fourth quarter. The US housing market was slightly improved during the quarter, but the macroeconomic environment in Europe became more volatile. The strongest regional growth was realized in Latin America.

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