GE Plastics to become Sabic Innovative Plastics

Chemical News: GE Plastics to become Sabic Innovative Plastics

https://www.chemnet.com Aug 06,2007 PRW.com
3 August 2007 - Sign painters will be busy in Pittsfield, USA, later this year when GE Plastics officially changes its name to Sabic Innovative Plastics.

The name change is expected to be official sometime in September, officials said. Saudi Basic Industries Corp (Sabic) reached a deal in May to acquire GE Plastics for $11.6 billion. Sabic is a petrochemicals firm majority-owned by the Saudi Arabian government.

Pittsfield-based GE Plastics – a unit of General Electric Co. of Fairfield, Connecticut – posted sales of $6.7 billion and profit of $674 million in 2006. The firm employs 11,000 worldwide and ranks as a global leader in the production of polycarbonate, ABS and other engineering resins.

GE decided to sell the unit earlier this year, as higher feedstock costs began to affect its profitability. GE Plastics’ 2006 profit was down 22 percent from the prior year.

Brian Gladden, an 18-year GE veteran who most recently was vice president and general manager of Lexan-brand PC, will serve as president and chief executive officer of Sabic Innovative Plastics. Current GE Plastics President and ceo Charlene Begley was named president and ceo of GE Enterprise Solutions.
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