Saudi Basic Industries Corporation(SABIC)announced the completion of its purchase of GE Plastics from General Electric for a purchase price of US11.6 billion. The announcement was made by SABIC Chairman,HH Prince Saud bin Abdullah bin Thenayan Al-Saud.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.Brian Gladden has been appointed CEO of SABIC Innovative Plastics.
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