SABIC not pursuing major deals for now - CEO

21 May 2007 23:52  [Source: ICIS news]

NEW YORK (ICIS news)--SABIC is not pursuing any major acquisitions following its deal to acquire GE Plastics for $11.6bn (€8.6bn), said SABIC’s chief executive on Monday.

“This is the acquisition we planned for the Americas and that is it at this time,” said SABIC CEO Mohammed Al-Mady.

On a global basis, Al-Mady did not rule out further acquisitions, but said the company will also focus on organic growth.

“We can never say we are finished with acquisitions,” he said. “We will focus on organic growth in and outside the kingdom but if there is an opportunity that fits with our strategy, we will evaluate that.”

($1 = €0.74)
By: Joseph Chang
+1 713 525 2653

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