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GE Plastics Reports Earnings Decline

11:15 AM MDT | July 27, 2007 | Chemical Week Editorial Staff

General Electric (GE) says its plastics unit posted a 46% decline, to $121 million, in first-quarter earnings. Sales were down 3%, to $1.5 billion. “Operating profit for plastics was down about $120 million, driven by raw material inflation and [lower] price, partially offset by the productivity that that team is delivering,” says Keith Sherin, GE CFO. Meanwhile, GE says it expects to announce a buyer for its plastics business this quarter, and to close the sale in the third quarter (p...

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