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People & Business :: Companies

Sabic to Acquire GE Plastics

1:46 PM MDT | May 23, 2007 | Chemical Week Editorial Staff

Immelt: Prediction comes true? Sabic was near a deal late last week to acquire GE Plastics for $11 billion, sources close to the deal tell CW. A formal announcement was expected Monday, May 21, sources say. Bidding for the business reached nearly $11 billion, according to financial sources. Other finalists in the bidding included private equity firm Apollo Management (New York) and Basell. GE Plastics, a leading producer of polycarbonate and other engineering plastics, reported sales of $6.6 billion, and net income of $674 million in 2006. Revenues were flat, and...

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