CEO of Dow Chemical Andrew Liveris confirms to Obama: Dow Relationship with Kuwait is "Stronger than ever"
Dow had expected about $7 billion in cash from the venture with a Kuwaiti state-owned company, but at the last minute the company pulled out of the deal, leaving Dow to scramble fast to fund part of its buyout of Rohm & Haas. That buyout, part of Liveris's plan to transform Dow into a specialty chemicals company, heavily burdened the company with debt. The comments came as Dow -- despite the failed joint venture -- presses forward on other investments in Kuwait.
Liveris declined to comment on current settlement negotiations with Kuwait over the failed joint venture, or a potential new joint venture in the region.