Dow Chemical 2012 Annual Report Download - page 56

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30
• The Company maintained its financial flexibility in 2012 and enhanced its investment grade ratings. In the fourth quarter
of 2012, Moody's upgraded Dow's long-term and short-term debt to Baa2 and P-2 and the Company successfully issued
$2.5 billion of new debt with 10- and 30-year tenor at historical low coupons. The Company also retired over $3.7 billion
of higher coupon debt in 2012.
• On May 24, 2012, the International Court of Arbitration of the International Chamber of Commerce released to the parties
a unanimous Partial Award in favor of the Company on both liability and damages. A three-member arbitration Tribunal
found that Petrochemical Industries Company (K.S.C.) breached the Joint Venture Formation Agreement by not closing the
proposed joint venture, K-Dow Petrochemicals, on January 2, 2009, and awarded the Company $2.16 billion in damages,
not including pre- and post-award interest and arbitration costs.
• Dow was named by Chief Executive magazine as one of the 40 best companies for leaders and by the Hay Group as one of
the best companies for leadership.
• Dow was named to the Dow Jones Sustainability World Index - the 12th time the Company has received this recognition
since the index was launched.
• Dow Electronic Materials completed a bolt-on acquisition of Lightscape Materials Inc.'s specialty phosphor technology
used in light emitting diode lighting applications, strengthening the business' position as the number one supplier of
metalorganic precursors.
• Dow filed 1,010 priority patent applications and was granted 411 U.S. patents in 2012. This represents an increase of 31
percent in U.S. patent grants compared with 2011, and is the highest number of patents granted in more than 20 years.
• Dow Agrosciences received registration in Canada for ENLIST™ Weed Control System, achieving a key milestone; U.S.
regulatory approvals are pending. In addition, POWERCORE™ Insect Trait Technology was launched in Brazil and
Argentina.
• Dow Oil & Gas introduced the NEPTUNE™ Flow Assurance System, which enables subsea oil production in harsh
deepwater and arctic conditions.
• Dow Performance Packaging introduced ENLIGHT™ Polyolefin Back Encapsulant Composite Films - a 2-in-1
technology serving as both a backsheet and back encapsulant layer for photovoltaic panels. The Company also launched
the next generation ENLIGHT™ Polyolefin Encapsulant Films.
• Dow's Polymeric Flame Retardant received several awards in 2012 including the R&D 100 Award, the 4th Annual
Michigan Green Chemistry Governor's Award and the Wall Street Journal Technology Innovation Runners-up Award.
• Dow Automotive Systems and Ford Motor Company signed a joint development agreement to research the use of
advanced carbon fiber composites in high-volume vehicles.
Dow’s results of operations and financial condition for the year ended December 31, 2012 are described in further detail in
the following discussion and analysis.