Question-and-Answer Session
Operator
Certainly. (Operator Instructions). And your first question comes from the line of David Begleiter of Deutsche Bank. Please proceed.
David Begleiter - Deutsche Bank Securities
Thank you. Good morning.
David Weidman
Hey, Dave.
David Begleiter - Deutsche Bank Securities
David, what's your expectation for FIFO impacts in Q1? Has that all been utilized?
David Weidman
Dave, the biggest part of FIFO was in the fourth quarter because of the huge reductions in raw material prices we've saw then. Having said that, from the beginning of the quarter till now we've seen raw materials continued to decline in North America, natural gases and example. So we'd expect to see some in the first quarter, but more modest than what we saw in the fourth.
David Begleiter - Deutsche Bank Securities
And just on the... in terms of the customer's inventory, when do you think to the de-stocking will come to a conclusion?
David Weidman
Yeah, good question. It varies and we don't have a firm view is the short answer, a little texture behind that, our consumer specialties businesses as take to our new turnover. There is no de-stocking occurring so we're in good shape there. We have seen in some of our Industrial Specialties businesses, in motion businesses as an example. That there is a limited amount of de-stocking going on because frankly on those spaces, supplying housing principally demand has been down and inventory is being corrected for sometime.
In Asia, we'd look at it and say that for the most part, we're seeing de-stocking reduce. Some of that but not as dramatic as we saw in the November, December timeframe. And then if we turn to Advanced Engineered Materials or Ticona, in the automotive space we continued to see de-stocking going on there. In fact, if there is anything as we've entered the first quarter, we used to think some acceleration in de-stocking. And Europe, we would judge to be somewhat behind North America or Asia in steps they have taken to de-stock.
Answer it short, we expect de-stocking to not be an issue as we exit 2009. So between now and then for us it's hard to put any degree of confidence in what is going to stock.
David Begleiter - Deutsche Bank Securities
Thank you.
Steven Sterin
Thanks Dave.
Operator
And your next question comes from the line of Kevin Mccarthy of Banc of America Merrill Lynch. Please proceed.
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