Company makes US $11.6 billion acquisition
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Sabic Innovative Plastics product story
Edited by the Engineeringtalk editorial team
Sep 3, 2007
Saudi Basic Industries Corporation (SABIC) today announced the completion of its purchase of GE Plastics from General Electric for a purchase price of US $11.6 billion.
Saudi Basic Industries Corporation (SABIC) has purchased GE Plastics from General Electric for 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 and 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".
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".
"Hence, we successfully completed the deal on time, despite the prevailing turbulence in the global credit markets".
"This acquisition will further enhance SABIC's position amongst the leading global companies".
"Our global manufacturing capabilities will be further expanded to include significant additional plants and compounding operations in the Americas, Europe and Asia Pacific regions".
"SABIC Innovative Plastics is another strategically important step in our global growth and ongoing commitment to serve our customers - both in terms of geography and in meeting their needs for innovative plastics solutions and products that deliver outstanding value", he said.
Following earlier acquisitions of DSM and Huntsman's petrochemicals businesses in Europe, SABIC now has more than 30,000 employees.
The company has an expanded global network of manufacturing facilities, Research and Technology centres and sales offices.
With a presence in more than 100 countries, SABIC is well-positioned to meet the needs of its global customers.
SABIC Innovative Plastics is a global supplier of plastic resins and compounds used in automotive, healthcare, consumer electronics, transportation, performance packaging, building and construction, telecommunications and optical media applications.
The company manufactures and compounds polycarbonate, ABS, ASA, PPE, PC/ABS, PBT and PEI resins, as well as the LNP line of high-performance specialty compounds, under such well known brand names as Lexan, Cycolac, Geloy, Noryl, Cycoloy, Valox and Ultem.
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