Dow Gets Additional Award in Arbitration Case
Dow Chemical has received additional monies in an arbitration case against a Kuwaiti firm. The American chemical giant will be granted $318 million. Last May, Dow was given a partial award of $2.16 billion, bringing the total to $2.48 billion.
The dispute, presided over by the International Court of Arbitration of the International Chamber of Commerce, centered on an abandoned joint venture the company was to operate in collaboration with Kuwait's Petrochemical Industries Co. The new award closes the case, and is final and not subject to appeal.
Dow quoted its CEO Andrew Liveris as saying that "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."
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