Sabic to Acquire GE Plastics for $11.6 Billion

Sabic has reached an agreement with General Electric (GE) to acquire GE Plastics for $11.6 billion. “This business is complementary to our existing business without any overlaps,” says Mohamed Al-Mady, Sabic vice chairman and CEO. “Sabic’s intention is to grow the business globally.” The deal is subject to regulatory review and expected to close by the third quarter. Al-Mady: Will grow business globally. GE Plastics, a leading producer of polycarbonate (PC) and other engineering plastics, reported 2006 sales of $6.6 billion and net...

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