Midland, Michigan -- Dow Chemical Co. has been awarded $2.16 billion in a claim against Petrochemical Industries Company of Kuwait (PIC) relating to the K-Dow transaction.
The International Court of Arbitration of the International Chamber of Commerce (ICC) held that PIC was liable, and awarded damages to Dow. not including interest and costs.
Dow and PIC agreed to resolve their contractual disputes through ICC, a body of preeminent legal experts with experience in high-value commercial litigation. The award is final and binding.
"This outcome brings resolution and closure to the issue," said Andrew Liveris, Dow's chairman and chief executive officer. "We remain focused on continuing to move forward with our transformation and profitable business partnerships - both in Kuwait and around the world."
Dow has been doing business with Kuwait for nearly 40 years. The company said its partnership with Kuwait, which includes several industry-leading joint ventures, "remains strong and will continue to benefit both parties."