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

Plastics Pioneers Association names four new members

October 24, 2014 1:33 pm ET

MCHENRY, ILL. — The Plastics Pioneers Association has elected four new members: John Beaumont, Joseph Bennett, James Johnson and Dennis Meade.    More

Image

Akro-Plastic buying German subsidiary from Metabolix

October 24, 2014 3:32 pm ET

Akro-Plastic GmbH, a Niederzissen, Germany-based plastic compounder, has purchased the assets of Metabolix Inc.'s subsidiary in Germany.    More

Image

BASF pre-tax earnings rise, but will miss financial targets for 2015

October 24, 2014 10:16 am ET

BASF SE has raised its expectations for pre-tax earnings in 2014 but warned that it would not hit its financial targets for next year.    More

Image

Sabic, Shell cancel expansion for SADAF joint venture in Saudi Arabia

October 24, 2014 9:19 am ET

Saudi Basic Industries Corp. and Royal Dutch Shell have cancelled plans to expand an existing petrochemical joint venture in Saudi Arabia following...    More

Image

Sadara CEO says Middle East now has 20 percent of global ethylene capacity

October 24, 2014 9:33 am ET

Sadara CEO Ziad Al-Labban claims that the Middle East's ethylene capacity is now 20 percent of global production.    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

More Events