Automotive and Aerospace Coatings

Full-year revenue was flat on the previous year, due to price and mix, which offset adverse currencies and volume decline. Volume growth in China and North America in Vehicle Refinishes was balanced by declines in Latin America and Europe. Specialty Finishes volumes declined on the previous year due to weakness in Europe and Latin America, while volumes at Aerospace were up on 2013 in all regions.

Q4 revenue increased 3 percent due to favorable currencies and price/mix. Vehicle Refinishes had a strong Q4 in North America but lower volumes in Europe, while Specialty Finishes grew in Asia on the back of successes in the wireless and IT sector.