31 August 2007 16:04 [Source: ICIS news]
LONDON (ICIS news)-Saudi Basic Industries Corp (SABIC) has completed the $11.6bn (€8.5bn) acquisition of GE Plastics from General Electric, the Saudi Arabia-based petrochemicals major said on Friday. ?xml:namespace>
Brian Gladden has been named CEO of the business, which will be renamed SABIC Innovative Plastics, effective 1 September.
SABIC said the business would focus on the global growth of thermoplastics and engineering plastics to serve the automotive, electronics, healthcare and construction sectors. GE Plastics employs 10,300 people.
Following the earlier acquisitions of DSM and Huntsman’s petrochemicals businesses in ?xml:namespace>
GE said it will use the proceeds from the sale to complete a $27bn stock buyback programme.
($1 = €0.73)
Al Greenwood contributed to this article
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