Dow Confirms Receipt of $2.2 Billion in Cash Proceeds from Petrochemical Industries Company of Kuwait
Payment Brings Final Resolution in K-Dow Arbitration
MIDLAND, Mich. - The Dow Chemical Company (NYSE: DOW) is pleased to announce that it has completed final resolution of the K-Dow arbitration with Petrochemical Industries Company of Kuwait (PIC), and confirms today that Dow has received a direct cash payment of $2.2 billion from PIC. Payment reflects the full damages awarded by the International Chamber of Commerce, as well as recovery of Dow’s costs.
“Dow and Kuwait share a long history, and payment of this award brings final and appropriate resolution and closure to the issue,” said Andrew N. Liveris, Dow’s chairman and chief executive officer. “Our partnership with Kuwait includes several industry-leading joint ventures, which are valuable assets in Dow’s portfolio and have consistently returned accretive equity earnings to Dow. We continue to look for ways to strengthen our relationships within the country for the benefit of our partners and Dow shareholders.”
“Receipt of this award enables Dow to accelerate actions that are in line with our stated priorities for uses of cash – foremost of which is paying down debt and remunerating shareholders,” Liveris added. “Our actions moving forward will be consistent with this approach.”
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