The lower tax rate for the full year did not completely offset currency headwinds. While we are cautious for 2012, given the uncertainty in the economy, we believe we can continue to grow and we are well-positioned to grow faster than our underlying markets and capture share.
Let me now turn it to Bill to provide more details on the fourth quarter results as well as guidance.
Thanks, Olivier, and hello, everybody. Let me start with additional details on sales, which were $648.4 million in the quarter, an increase of 8% in local currency, a level as Olivier already said we're very pleased with. On a U.S. dollar basis, sales increased by 9% in the quarter, which included a positive 1% impact from currency.Turning to Page 3 of the presentation, we outlined sales by geography. In the quarter, local currency sales increased by 6% in Europe, 5% in the Americas, 16% in Asia/Rest of World. Net acquisitions had no impact on our overall sales level, but did add 1% to Europe sales growth in the quarter. The next slide shows our full year local currency sales growth, which amounted to 13%. For the year sales increased by 11% in Europe, 9% in the Americas and 20% in Asia/Rest of World. Acquisitions contributed 1% to overall sales growth for the year and 1% to Europe's growth. On Slide 5 of the presentation, we outlined our sales by product area for the quarter. Laboratory sales increased by 5%, industrial sales increased by 14% and food retailing increased by 2%. Acquisitions contributed 3% to industrial growth in the quarter, while divestitures reduced food retailing by 5% in the quarter. The next slide provides our full year results. Laboratory sales increased by 9%. Industrial was up 19% and food retailing was up 1%. For the year, acquisitions increased industrial sales by 3% and divestitures reduced food retailing sales by 6%.