dow kuwait
“Among the accomplishments I am most proud of since becoming Dow’s Chairman and Chief Executive Officer since 2005, has been the strong and growing economic relationship between our company and our business partners in Kuwait,” Liveris said. [1]
The Dow Chemical Company (Dow) and Petrochemical Industries Company (PIC), a wholly owned subsidiary of Kuwait Petroleum Corporation (KPC), today announced that they have signed the Joint Venture Formation Agreement and other key definitive agreements regarding the formation of K-Dow Petrochemicals, a 50:50 joint venture that will be the leading global supplier of petrochemicals and plastics. [2]
The Dow Chemical Company (NYSE: DOW) and Petrochemical Industries Company (PIC) of the State of Kuwait, a wholly owned subsidiary of Kuwait Petroleum Corporation (KPC), continue to make progress on their $11 billion proposed 50:50 joint venture. [3]
K-Dow will be a leading global supplier of essential petrochemicals and plastics and will manufacture and market polyethylene, ethyleneamines, ethanolamines, polypropylene and polycarbonate, and will also license polypropylene technology and market related catalysts. [4]
Negotiations between the Dow Chemical Company and Petrochemical Industries Company (PIC) began in December 2007 and the transaction has proceeded through many regulatory requirements in Kuwait and in the European Union and the United States culminating in the signing of a definitive agreement signed by both parties on December 1, 2008. [5]
Today the two companies named James R. Fitterling the chief executive officer of the new market leading global company - K-Dow Petrochemicals (KDP). [3]
Dow will still receive $9 billion from the JV which means the Rohm & Haas (ROH) deal can still proceed without additional financing from Dow (DOW). [...] - News) and Petrochemical Industries Company (PIC), a wholly owned subsidiary of Kuwait Petroleum Corporation (KPC), today announced that they have signed the Joint Venture Formation Agreement and other key definitive agreements regarding the formation of K-Dow Petrochemicals, a 50:50 joint venture that will be the leading global supplier of petrochemicals and plastics. [4]
The Dow Chemical Company (Dow) (NYSE: DOW - News) and Petrochemical Industries Company (PIC), a wholly owned subsidiary of Kuwait Petroleum Corporation (KPC), today announced that they have signed the Joint Venture Formation Agreement and other key definitive agreements regarding the formation of K-Dow Petrochemicals, a 50:50 joint venture that will be the leading global supplier of petrochemicals and plastics. [6]
“In recent weeks there has been much discussion and debate about whether a fifth partnership to establish a new joint Kuwaiti-American company - K-Dow Petrochemicals - is in the long-term interest of the people of Kuwait,” Liveris continued. [...] Dec 24, 2008 (Al-Bawaba via COMTEX) — Andrew Liveris, Chairman and CEO of The Dow Chemical Company, issued the following statement today on the current discussion and debate over the Company’s joint venture agreement with Kuwait’s Petrochemical Industries Company (PIC). [1]
‘In recent weeks there has been much discussion and debate about whether a fifth partnership to establish a new joint Kuwaiti-American company - K-Dow Petrochemicals - is in the long-term interest of the people of Kuwait,’ Liveris continued. [5]
The K-Dow joint venture will not only diversify Kuwait’s national economy, but it will also position Kuwait as a leader on the global business stage,’ said Maha Mulla Hussain, Chairman and Managing Director of PIC. [7]
This is a giant step in our strategy of growing our Basics businesses through joint ventures, reducing our capital intensity, and freeing up $9 billion in pre-tax cash proceeds to invest in our Performance businesses. [4]
Dow and PIC also announced the selection of Michigan as the location of the world headquarters for the new joint venture, subject to the approval of state and local incentives and the completion of definitive agreements, customary conditions, regulatory approvals, and transaction close, which is anticipated in late 2008. [3]
Sources:
[1] Statement by Dow Chemical Company on JV agreement with PIC of Kuwait
[2] Dow and PIC of Kuwait Sign Binding Joint Venture Agreement to Launch …
[3] Dow and PIC of Kuwait Continue Progress on Proposed $11B Joint Venture
[4] Dow Chemical Finalizes Kuwait JV
[5] Dow Chemical issues statement on joint venture agreement with PIC of …
[6] Todd Sullivan’s - ValuePlays: Dow Chemical Finalizes Kuwait JV
[7] Dow, PIC of Kuwait sign binding joint venture agreement to launch K-Dow …