The purchase by Saudi Basic Industries Corporation (Sabic) of one of the world’s most iconic plastic companies has been completed.

Sabic chairman Prince Saud bin Abdullah bin Thunnayan Al-Saud announced that his company had completed the acquisition of GE Plastics from General Electric for a purchase price of $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,” a statement from the Saudi corporation said.
Brian Gladden has been appointed CEO of Sabic Innovative Plastics.
“We are very pleased to confirm the completion of this acquisition,” said Prince Saud.  “This acquisition will significantly broaden Sabic’s plastics product portfolio and provide access to new global markets. The people, products and technologies of Sabic Innovative Plastics bring a legacy of material innovation and expertise that I believe will enable Sabic to further strengthen and grow its position as a world-class leader in the plastics industry. We will maintain our commitment to the people, communities and facilities that have contributed to this world-class organisation,” he said.
 Mohamed Al-Mady, Sabic vice chairman and CEO, observed: “We were able to secure the required financing  due to the recognition of Sabic in the global financial and capital markets, sound business profile of Sabic Innovative Plastics and its world-class diversified product portfolio. Hence, we successfully completed the deal on time, despite the prevailing turbulence in the global credit markets.”
Al-Mady commented that the acquisition would further enhance Sabic’s position amongst the leading global companies.
“Our global manufacturing capabilities will be further expanded to include significant additional plants and compounding operations in the Americas, Europe and Asia Pacific regions,” he said.
  “Sabic Innovative Plastics is another strategically important step in our global growth and ongoing commitment to serve our customers – both in terms of geography and in meeting their needs for innovative plastics solutions and products that deliver outstanding value.”
Prince Saud and Louis Ufkes, employee with the longest years of service at the Bergen op Zoom site of Sabic Innovative Plastics, unveiled together a monument to inaugurate the new company name in Bergen op Zoom.
Following earlier acquisitions of DSM and Huntsman’s petrochemicals businesses in Europe, Sabic now has more than 30,000 employees. The company has an expanded global network of manufacturing facilities, research & technology centres and sales offices.  With a presence in more than 100 countries, it is well-positioned to meet the needs of its global customers.
Sabic Innovative Plastics is a global supplier of plastic resins and compounds widely used in automotive, healthcare, consumer electronics, transportation, performance packaging, building and construction, telecommunications and optical media applications.  The company manufactures and compounds polycarbonate, ABS, ASA, PPE, PC/ABS, PBT and PEI resins, as well as the LNP line of high-performance specialty compounds under such well known brand names as Lexan, Cycolac, Geloy, Noryl, Cycoloy, Valox and Ultem. The Specialty Film and Sheet division of Sabic Innovative Plastics manufactures high-performance Lexan sheet and film products used in thousands of demanding applications worldwide.  The dedicated automotive organisation is an experienced, worldwide supplier, offering leading plastics solutions for five key automotive segments:  body panels and glazing; under the hood applications; component; structures and interiors; and lighting.
  Sabic is one of the world’s 10 largest petrochemicals manufacturers. The company is among the world’s market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilisers, as well as the fourth-largest polyolefins producer.
 Its profit rose to a record SR20.3 billion ($5.4 billion) in 2006, a 6 per cent increase on 2005. Sales revenues for 2006 totaled SR86.3 billion, the highest revenues achieved by the company since its inception.  Assets at the end of 2006 were SR74 billion.
 The company has 53 production sites worldwide and operates six interlinked strategic business units: Basic Chemicals, Intermediates, Specialty Products, Polymers, Fertilisers and Metals.  
The Saudi Arabian Government owns 70 per cent of Sabic shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.