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SABIC now owns GE Plastics

24 Sep '07

2 min read

Saudi Basic Industries Corporation (SABIC) announced the completion of its purchase of GE Plastics from General Electric for a purchase price of US$11.6 billion. The announcement was made by SABIC Chairman, HH Prince Saud bin Abdullah bin Thenayan Al-Saud.

The former GE unit is now SABIC Innovative Plastics, a new business addition to SABIC that will focus on the global growth of thermoplastics and engineering plastics through innovation to serve the automotive, electronics, healthcare, and construction sectors. Brian Gladden has been appointed CEO of SABIC Innovative Plastics.

“We are very pleased to confirm the completion of this acquisition”, said Prince Saud.“This acquisition will significantly broaden SABIC's plastics product portfolio and provide access to new global markets."

"The people, products and technologies of SABIC Innovative Plastics bring a legacy of material innovation and expertise that I believe will enable SABIC to further strengthen and grow its position as a world-class leader in the plastics industry. We will maintain our commitment to the people, communities and facilities that have contributed to this world-class organization”, he said.

Mohamed Al-Mady, SABIC Vice Chairman and CEO, added, “We were able to secure the required financing due to recognition of SABIC in the global financial and capital markets, sound business profile of SABIC Innovative Plastics and its world-class diversified product portfolio."

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