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Pulp and Performance Chemicals

Markets were generally slow in 2013, with mixed patterns across all regions. Revenues were down 10 percent as a result of adverse currencies, divested businesses and lower volumes. Bleaching chemical volumes were slower at the start of the year due to soft demand in the US, but later recovered due to additional capacity at our chemical islands in Brazil and demand from Asia and Europe. Q4 revenue was down 12 percent, impacted by adverse currencies, divested businesses and price pressure. The divestment of the Purate water treatment business was successfully completed during the quarter.

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