By: PLASTICS & RUBBER WEEKLY
March 5, 2013
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."