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GE Confirms Plan to Sell Plastics Unit; Plastics Earnings Fall

9:54 AM MDT | July 25, 2007 | Chemical Week Editorial Staff

Immelt: ‘Substantial’ interest in plastics. General Electric (GE) CEO Jeffrey Immelt confirmed that the company is exploring a sale of its $6.6-billion/year GE Plastics unit (CW, Jan. 17, p. 8). Some 15 potential buyers, both industry and private equity firms, have expressed interest in the unit, Immelt says. GE Plastics posted segment profit of $114 million in the fourth quarter, a 49% decline from the year-ago period. Sales at GE Plastics decreased 1%, to $1.64 billion. “Plastics continues to be a tough market for us,’’ Immelt told...

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