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LATE BREAKING NEWS  

SABIC Acquires GE Plastics

Saudi Basic Industries Corporation (SABIC) announced the completion of its purchase of GE Plastics from General Electric for a purchase price of US$11.6 billion.

The announcement was made by SABIC Chairman, HH Prince Saud bin Abdullah bin Thenayan Al-Saud. The former GE unit is now SABIC Innovative Plastics, a new business addition to SABIC that will focus on the global growth of thermoplastics and engineering plastics through innovation to serve the automotive, electronics, healthcare and construction sectors. Brian Gladden has been appointed CEO of SABIC Innovative Plastics.

Following earlier acquisitions of DSM and Huntsman’s petrochemicals businesses in Europe, SABIC now has more than 30,000 employees. The company has an expanded global network of manufacturing facilities, Research & Technology centers and sales offices. With a presence in more than 100 countries,

SABIC is well-positioned to meet the needs of its global customers. SABIC Innovative Plastics is a global supplier of plastic resins and compounds widely used in automotive, healthcare, consumer electronics, transportation, performance packaging, building and construction, telecommunications and optical media applications. The company manufactures and compounds polycarbonate, ABS, ASA, PPE, PC/ABS, PBT and PEI resins, as well as the LNP line of highperformance specialty compounds, under such well known brand names as Lexan®, Cycolac®, Geloy®, Noryl®, Cycoloy®, Valox® and Ultem®.

The Specialty Film and Sheet division of SABIC Innovative Plastics manufactures high-performance Lexan sheet and film products used in thousands of demanding applications worldwide. The dedicated automotive organization is an experienced, worldwide supplier, offering leading plastics solutions for five key automotive segments: body panels and glazing; under the hood applications; component; structures and interiors and lighting.

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