The Dow Chemical Company : Dow Announces $2.16 Billion Award in K-Dow Arbitration
05/24/2012| 08:40am US/Eastern
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The International Court of Arbitration of the International Chamber of
Commerce (the "ICC") this morning released its findings in the
arbitration case between The Dow Chemical Company (NYSE: DOW) and
Petrochemical Industries Company of Kuwait (PIC) relating to the K-Dow
transaction.
The ICC award holds that PIC was liable, and awards damages to Dow of
$2.16 billion, not including interest and costs. Dow and PIC mutually
agreed to resolve their contractual disputes through arbitration before
the ICC, which is comprised of preeminent legal experts with experience
in high-value commercial litigation. The award is final and binding.
"This outcome brings resolution and closure to the issue," said Andrew
N. Liveris, Dow's chairman and chief executive officer. "We remain
focused on continuing to move forward with our transformation and
profitable business partnerships - both in Kuwait and around the world."
Dow has been doing business with Kuwait for nearly 40 years. The
Company's partnership with Kuwait, which includes several
industry-leading joint ventures, remains strong and will continue to
benefit both parties. Counsel for Dow was Shearman and Sterling.
About Dow
Dow (NYSE: DOW) combines the power of science and technology to
passionately innovate what is essential to human progress. The Company
connects chemistry and innovation with the principles of sustainability
to help address many of the world's most challenging problems such as
the need for clean water, renewable energy generation and conservation,
and increasing agricultural productivity. Dow's diversified
industry-leading portfolio of specialty chemical, advanced materials,
agrosciences and plastics businesses delivers a broad range of
technology-based products and solutions to customers in approximately
160 countries and in high growth sectors such as electronics, water,
energy, coatings and agriculture. In 2011, Dow had annual sales of $60
billion and employed approximately 52,000 people worldwide. The
Company's more than 5,000 products are manufactured at 197 sites in 36
countries across the globe. References to "Dow" or the "Company" mean
The Dow Chemical Company and its consolidated subsidiaries unless
otherwise expressly noted. More information about Dow can be found at www.dow.com.
Note: The forward-looking statements contained in this document
involve risks and uncertainties that may affect the Company's
operations, markets, products, services, prices and other factors as
discussed in filings with the Securities and Exchange Commission. These
risks and uncertainties include, but are not limited to, economic,
competitive, legal, governmental and technological factors. Accordingly,
there is no assurance that the Company's expectations will be realized.
The Company assumes no obligation to provide revisions to any
forward-looking statements should circumstances change, except as
otherwise required by securities and other applicable laws.
For editorial information:
The Dow Chemical Company
Nancy
Lamb, 989-638-7251
nelamb@dow.com
or
The
Dow Chemical Company
Rebecca Bentley, 989-638-8568
rmbentley@dow.com
© Business Wire 2012
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