Dow Announces $2.16 Billion Award in K-Dow Arbitration
24 Mayo 2012 - 7:39AM
UK Regulatory
TIDMDOW
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 CompanyNancy Lamb,
989-638-7251nelamb@dow.comorThe Dow Chemical CompanyRebecca
Bentley, 989-638-8568rmbentley@dow.com
Dow Chem. (LSE:DOW)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
Dow Chem. (LSE:DOW)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024