I am pleased to report that 2012 was a year of significant accomplishments for Superior as we delivered improvements in our financial and operational performance. Superior recorded adjusted operating cash flow of $1.73 per share in 2012 compared to $1.65 per share in the prior year. In addition, Superior reduced its total leverage to 4.4x at December 31, 2012 from 5.1x at December 31, 2011. The business environment in 2012 continued to be challenging due in part to ongoing global economic uncertainty. Despite this environment, Superior's businesses continue to enjoy strong fundamentals and I am confident that our financial performance will continue to improve in 2013 and beyond.
During 2012 Superior executed a number of operational improvements which I view as key steps in improving not only our future financial performance but in meeting our goal of becoming a best-in-class operator in all our business segments. Areas where improvements were made in 2012 include:
-- Upgrading the talent across the entire organization to ensure we have the right people to execute our business plans;-- Transitioning the Canadian Propane operations to a regional model from a centralized model;-- Addressing the information system requirements at our Canadian Propane operations which will result in the implementation of the ADD IT system throughout 2013 to facilitate ongoing improvements in customer service, forecasting, logistics and invoicing;-- Assessment of the Construction Products Distribution segment's branch network, which resulted in adoption of a hub-and-spoke model to service large regional markets, enabling the closure of 15 individual branches at a cost of $6.5 million; and-- Approval of $42 million in capital expenditure to double the hydrochloric acid production capabilities in our Specialty Chemicals business.
As part of Superior's business transformation into a best-in-class organization we have implemented a number of business initiatives throughout our operations. This transformation is internally entitled Destination 2015. By developing a culture of continuous improvement, Destination 2015 is intended to deliver ongoing improvements in operating and financial performance.
I want to stress to our shareholders that Destination 2015 is not just an exercise in cost cutting. It is true that the improvements in our day-to-day processes will ensure that we run our businesses as efficiently as possible, which will translate into cost reductions in the years to come. The broader focus of Destination 2015 is, however, to invest in our businesses to facilitate operational improvements and create a strong platform for future growth.
Enhancing our Core Competencies
Although we remain committed to making improvements under Destination 2015, we will not lose sight of our core competencies. In fact, we intend to lever what we already do well as the basis for our future improvements. Our Energy Services and Construction Products Distribution businesses are distribution based and, therefore, it is important that we continue to focus on building best-in-class logistics capabilities within these business. Delivering our products and services on an accurate and timely basis is imperative.
Our Specialty Chemicals business not only manufactures high quality chemicals, but just as importantly, is a developer of technology that improves the operations of Superior and its customers. We will continue to foster and develop all of these competencies in 2013 and beyond.