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.
September 5, 2007