Big company watch: Latin American sales in US$ millions as of Dec. 31, 2003

Latin Trade, May, 2004

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DEAR SHAREHOLDERS ...

* AVON

The cosmetics company's sales in Latin America, which represent a third of total revenue, rose 6% in 2003 to US$1.7 billion, an all-time high. International operations, fueled in part by strong local currencies, helped offset weak U.S. demand. Avon has begun targeting younger consumers.

* PRAXAIR

Connecticut gas and surface technology maker Praxair sold US$708 million in products and services throughout Latin America during 2003, or 12% more than a year earlier on firming prices and demand. Globally, total revenue rose 9% to $5.6 billion.

** ERICSSON

The world's largest mobile networks provider sold 5% less products and services in Latin America during 2003, compared with 2002. Total revenue slipped worldwide due to a decline in product order. The company plans to continue shaving costs, and personnel, to boost profits.