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| SABIC completes purchase of 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 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. Headquartered in Riyadh, Saudi Basic Industries Corporation (SABIC) is one of the world's 10 largest petrochemicals manufacturers. Following earlier acquisitions of DSM and Huntsman's petrochemicals businesses in Europe, SABIC now has more than 30,000 employees. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers, as well as the fourth-largest polyolefins producer. write your comments about the article :: © 2007 Construction News :: home page |