GE Plastics to be renamed SABIC Innovative

29 August 2007 17:31  [Source: ICIS news]

LONDON (ICIS news)--GE Plastics is to be renamed SABIC Innovative Plastics effective 1 September as the purchase of the GE division by Saudi Basic Industries Corp (SABIC) comes into effect, said a company source on Wednesday.

Saudi Arabian petrochemicals major announced in May it would acquire the plastics division of US conglomerate General Electric for $11.6bn (€8.5bn).

“This business is complementary to our existing business without any overlaps. SABIC’s intention is to grow the business globally,” said Mohamed al-Mady, vice chairman and CEO of SABIC in the takeover announcement.

($1 = €0.73)

By: Sofia Lind
+44 20 8652 3214

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