Saudi Arabia-based petrochemicals manufacturer Saudi Basic Industries Corp. (SABIC) has signed an agreement to acquire GE Plastics' engineering thermoplastics division for US$11.6 billion. The transaction is expected to close by Q3-2007. SABIC plans to expand its new acquisition globally that will add high-performance plastics to SABIC's product range.
In the case of earlier SABIC acquisitions, including the Netherlands-based DSM Petrochemicals and England-based Huntsman Petrochemicals, existing management teams have continued to run the businesses, while SABIC has provided support for investments and expansion, GE pointed out in its announcement of the agreement.
07-Jun-07 
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