Dow wins $2.16B in dispute with Kuwaiti company - WNEM TV 5

Dow wins $2.16B in dispute with Kuwaiti company

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MIDLAND, MI (AP) -

Dow Chemical says an international court has awarded it $2.16 billion in damages from its dispute with Petrochemical Industries Co., a subsidiary of state-owned Kuwait Petroleum Corp.

Dow shares are up 4 percent in trading Thursday before the opening bell.

Midland, Mich.-based Dow, one of the world's largest chemical companies, formed a $17.4 billion joint venture with the Kuwaiti company in 2008 to produce plastics for consumer products, automotive parts and drug processing.

But the deal was scrapped later that year by that country's government following lawmaker criticism that could have led to a political crisis in the small oil-rich state.

Dow has Chemical Co. been doing business with Kuwait for nearly 40 years.

Copyright 2012 WNEM (Meredith Corporation.) All rights reserved. The Associated Press contributed to this report.

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