Functional Chemicals

Functional Chemicals strongly recovered compared with the previous year. Revenue increased 1 percent, with volumes up 5 percent, driven by China and the Americas. This was partly offset by adverse currency effects and the divestment of Primary Amides at the end of the previous year. The year began strongly in Europe, driven by the early start of the construction season, continued strength in Germany and a recovery in Southern Europe. Demand was slower in the second part of the year. Most of the product lines showed significant volume growth. The comprehensive restructuring program launched in 2013 contributed significantly to the result in 2014.

Q4 revenue was up 2 percent compared with the previous year, due to favorable currencies and better volumes. The trend of a weakening and declining Europe, regaining of strength in the Americas and a growth slowdown in China continued.