Middle East Economic Survey

VOL. L

No 22

28-May-2007

SAUDI ARABIA

SABIC Acquires GEs Plastics Unit For $11.6Bn

Saudi Basic Industries Corp (SABIC) announced on 21 May it had acquired General Electrics plastics division, GE Plastics, for $11.6bn, adding to its major global acquisitions over the last five years that include Netherlands-based DSM Petrochemicals (MEES, 8 April 2002) and the UKs Huntsman Petrochemicals (MEES, 2 October 2006). This business is complementary to our existing business...