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GE Shops Plastics Unit to Private Equity Firms

12:34 PM MDT | July 23, 2007 | Robert Westervelt

General Electric (GE) has approached a handful of private equity firms to seek bids on its $6.6-billion/year GE Plastics unit, industry sources say. Bidding for the unit is likely to be in the $10-billion range, analysts say. GE and GE Plastics declined comment. Immelt: Plastics in a difficult spot. Apollo Management (New York), Bain Capital (Boston), Blackstone (New York), and Kohlberg Kravis Roberts (New York) are among the private equity firms invited to bid, sources say. Industry firms are also considering bids, sources say. GE’s bidding terms restrict...

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