LATIN AMERICA

The Latin America business delivered excellent sales and profit growth in the face of ongoing political and economic upheaval in the region. High points included double-digit Pest Elimination and Institutional growth throughout the region, led by robust growth in Mexico, Central America and the Caribbean.

HIGHLIGHTS

> Continued to expand its business in the food retail industry, with particularly strong new account sales in Mexico, Brazil, Chile and the Caribbean.

> Grew Food & Beverage sales in most countries. Growth was aided by the successful rollout of Vortexx ES, an advanced hard-surface sanitation solution, and several new lubricants in the second half of the year.

> Bolstered its Pest Elimination growth by aggressively targeting new corporate account business within the food and beverage processing, food retail, and quickservice restaurant industries.

> Succeeded in taking a variety of strategic measures to counterbalance the challenging political and economic environments in the region – particularly the political situation in Venezuela, which paralyzed the country's economy early in the year.

OUTLOOK

Latin America anticipates growth across all divisions in 2004, with Pest Elimination expecting to register the strongest gains. Tourism is expected to remain steady in the Caribbean, further driving Institutional growth in the region. Strong Professional Products sales are also forecasted in Chile. Continuing success in the food retail industry and the beverage/brewery segment will help offset lingering regional market difficulties.