BASF Coatings business continues to grow
European business was favorable and we have been able to further expand our position. Business in NAFTA and South America has fallen below our expectations as a result of weaker demand. Developments in Asia have been as planned. Overall, our globalization strategy has proved its usefulness: Our worldwide position has helped us to absorb regional slowdowns. 45 percent of our sales were made in Europe, 30 percent in North America and 20 percent in South America. The Asian Pacific region will account for about 5 percent in 2001.
The breakdown of sales between business units worldwide shows that automotive OEM coatings remains the most important segment this year, accounting for approximately 40 percent. Industrial coatings increased in importance, accounting for 25 percent of sales, which is in line with our strategic objectives. Automotive refinishes and architectural coatings in South America accounted for 20 percent and 15 percent of net sales respectively.
We have used this year to integrate the new companies and use the resulting synergies. We have rapidly and consistently implemented structural measures and will continue some of these activities next year. In order to further develop BASF's Coatings business in the face of fiercer global competition with long term success, we will strategically focus even more strongly on profitable growth by innovation.
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