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Article: DOW CHEMICAL ANNOUNCES $192 MILLION IMPACT ON ITS EARNINGS RESULTING FROM PROPOSED SETTLEMENT BY DOW CORNING
- Article from:
- PR Newswire
- Article date:
- January 14, 1994
CopyrightCOPYRIGHT 1994 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MIDLAND, Mich., Jan. 14 /PRNewswire/ -- Dow Corning Corporation, which is partially owned by The Dow Chemical Company (NYSE: DOW) (50 percent shareholder), announced today that it will take a pretax charge of $640 million ($415 million after tax) for the fourth quarter of 1993. This charge includes Dow Corning's best current estimate of its potential liability for breast implant litigation based on current settlement negotiations, and also includes provisions for legal, administrative and research costs related to breast implants, for a pretax total of $1.24 billion less expected insurance recoveries of $600 million. Where appropriate under accounting rules, amounts have been ...