On behalf of its thousands of employees around the world, The Dow Chemical Company has issued and optimistic and hopeful New Year's greeting in an open letter to the people of Kuwait.
In the letter, which will appear in Kuwaiti newspapers today and tomorrow, Dow commits that its new joint venture with Petrochemical Industry Company (PIC) of Kuwait will be a partnership built on respect and mutual economic and social benefit.
"Among the accomplishments of the past year, one of the most important for our people and our company has been the strong and growing economic relationship between our company and our business partners in Kuwait," the letter reads.
The letter continues by affirming the admirable history of the two companies -- Dow and PIC -- who have joined together to establish a new global petrochemical leader, a company to be known as K-Dow Petrochemicals.
"The new venture . . . brings together two formidable companies with long and impressive traditions. Throughout its 111-year history, Dow has been well-respected for building and maintaining strong, enduring and honorable business relationships with its partners. And Petrochemical Industry Company of Kuwait brings all the historic talent, energy, enthusiasm and determination of the Kuwaiti people who have made it a world leader in the petrochemical industry."
"With humble appreciation for the support we have received in the past from our partners in Kuwait, we would like to affirm our strong commitment that K-Dow will always be a company that benefits the communities and countries in which it operates, as well as the people and businesses it serves."
The letter also describes the meticulous and deliberate process that has resulted in the establishment of the new company.
"K-Dow has been in negotiations for two years, and it was announced more than a year ago. Since then, there has been full commitment to follow all legal processes in Kuwait, Europe and the United States. Our Kuwaiti partners negotiated with tenacity and resolve to assure the company we were building together would be worthy of the immense talent and energy of the Kuwaiti men and women who would become its foundation. The result is fair and equitable according to extensive review by internal and external negotiators and the many banks and auditing organizations that have been intimately involved throughout the process."
The letter also includes a commitment by Dow to pursue the new partnership with the same commitment to respect and mutual benefit the company has brought to the other four joint ventures Dow has established in Kuwait since the 1990s.
"Today, we have the opportunity to embark on that journey together -- to create a company that will, from its very first day, rank among the largest and most influential petrochemical companies in the world . . . . K-Dow will always demonstrate respect for the people, communities and governments in which it operates. Based on our existing four joint ventures, we are confident and committed to the long-term growth and prosperity of K-Dow."
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About Dow
With annual sales of $54 billion and 46,000 employees worldwide, Dow is a diversified chemical company that combines the power of science and technology with the "Human Element" to constantly improve what is essential to human progress. The Company delivers a broad range of products and services to customers in around 160 countries, connecting chemistry and innovation with the principles of sustainability to help provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. References to "Dow" or the "Company" mean The Dow chemical Company and its consolidated subsidiaries unless otherwise expressly noted.
