Saudi Arabia-based Saudi Basic Industries Corp. (SABIC), a global petrochemicals manufacturer with six business units including Basic Chemicals, Intermediates, Specialty Products, Polymers, Fertilizers and Metals — has completed its acquisition of GE Plastics from General Electric Company for $11.6 billion. Now known as SABIC Innovative Plastics, the business will be led by CEO Brian Gladden and will focus on worldwide growth of thermoplastics and engineering plastics for automotive, construction, electronics and healthcare applications.

“This acquisition will significantly broaden SABIC’s plastics product portfolio and provide access to new global markets,” said HH Prince Saud bin Abdullah bin Thenayan Al-Saud, chairman SABIC. “The people, products and technologies of SABIC Innovative Plastics bring a legacy of material innovation and expertise that I believe will enable SABIC to further strengthen and grow its position as a world-class leader in the plastics industry. We will maintain our commitment to the people, communities and facilities that have contributed to thiss world-class organization.”

US headquarters of SABIC Innovative Plastics will remain in Pittsfield, Mass.

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September 5, 2007