SABIC completes purchase of GE Plastics

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

The former GE unit is now Sabic Innovative Plastics.

Brian Gladden has been appointed CEO.

This acquisition will significantly broaden Sabicss plastics portfolio and provide access to new global markets, said HH Prince Saud bin Abdullah bin Thenayan Al-Saud, SABIC chairman. The people, products and technologies of SABIC Innovative Plastics bring a legacy of material innovation and expertise that will enable SABIC to further strengthen and grow its position as a world-class leader in the plastics industry.

Headquartered in Riyadh, Sabic is a manufacturer of plastics, chemicals, fertilizers and metals.