Final K Dow settlement tops $2.48 billion

PLASTICS & RUBBER WEEKLY

Published: March 5, 2013 9:11 am ET
Updated: March 5, 2013 9:13 am ET

Related to this story

Topics Materials, Legal
Companies & Associations Dow Chemical Co.

MIDLAND, MICH. — The International Court of Arbitration of the International Chamber of Commerce (ICC) has released the final sum in the case between Dow Chemical Co. and Petrochemical Industries Co. of Kuwait (PIC) related to the K-Dow transaction.

The final interest and costs awarded to Dow totals $318 million and is in addition to the partial award of $2.16 billion announced last May – resulting in full damages awarded to Dow equal to $2.48 billion. This is the last step in the disciplined arbitration process, bringing the process to a close. Both awards are binding and non-appealable.

"Payment of these damages of nearly $2.5 billion will allow Dow to accelerate its priority uses for cash by further strengthening our balance sheet," said Andrew Liveris, Dow's chairman and CEO.

"Dow and Kuwait share a long history and strong partnership and this award ruling brings suitable closure to the arbitration process. The Dow team fully expects, and we are resolved to ensure, that PIC honors its contractual commitments in a timely manner."


Comments

Final K Dow settlement tops $2.48 billion

PLASTICS & RUBBER WEEKLY

Published: March 5, 2013 9:11 am ET
Updated: March 5, 2013 9:13 am ET

Post Your Comments


Back to story


More stories

Image

Slowing the aging process in plastics

October 31, 2014 1:13 pm ET

Australian scientists have developed a new material that can strengthen porous plastics by slowing their aging process.    More

Image

Corbion Puriac considering PLA plant in Thailand, if customers commit

October 31, 2014 11:52 am ET

Biofeedstocks supplier Corbion Puriac will build a polylactic acid (PLA) plant in Thailand if it receives a sales commitment from customers.    More

Image

Report: Lanxess may cut 1,200 jobs

October 31, 2014 9:40 am ET

German chemicals company Lanxess AG may cut up to 1,200 jobs, around 7 percent of its workforce, as part of a group-wide overhaul to counter...    More

Image

PP prices rise, solid PS, PET drop

October 30, 2014 1:15 pm ET

North American polypropylene resin prices surged again in October, while regional prices for solid polystyrene and PET bottle resin continued their...    More

Image

Italian compounder opening first US plant

October 30, 2014 9:45 am ET

The song of the South has led Italian compounder So.F.Ter Group to open its first plant in the United States in Lebanon, Tenn.    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events