Sabic: Launch of Sabic Innovative Plastic
Saudi Basic Industries Corporation (Sabic), Riyadh/Saudi Arabia, today announced the completion of its purchase of GE Plastics from General Electric, Fairfield/USA, for a purchase price of USD 11.6 billion. 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 sever 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 been more than 30,000 employees and has an expanded global network of manufacturing facilities, research & Technology centers and sales offices.
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