Basic Industries Corporation has completed its purchase
of GE Plastics from General Electric. The unit, purchased
for $11.6 billion, has been renamed SABIC Innovative Plastics.
The company has appointed Brian Gladden as CEO of the
gains technology edge from GE
Design America began designing its Bevel Concept car,
the team recognised that traditional glass could not
deliver the unusual glazing components they envisioned.
The Bevel Concept, a utility vehicle that targets
middle-age men with many hobbies and activities, features
asymmetrical styling, a roof cargo system, and other
unique glazing designs that were not possible to achieve
with glass. In addition, because the car is designed
to be environmentally responsible - for example, it
features roof-mounted solar panels - Nissan wanted
to find ways to reduce overall vehicle weight for
fuel savings. As a longstanding GE Plastics customer,
Nissan approached the plastics supplier to help identify
a glazing solution.
Innovative Plastics will focus on thermoplastics and engineering
plastics for the automotive, electronics, healthcare and
construction industries. The acquisition will expand the
Saudi company''s plastics product portfolio and give it
access to new global markets.
Saudi company plans to expand SABIC Innovative Plastics''
operations to include substantial additional plants in
the Americas, Europe and the Asia Pacific region. The
company''s management also expects to benefit more broadly
from the competencies embodied in the people, products
and technologies of the former GE unit.
business profile of the acquired unit and SABIC''s strengths
helped raise the funds required for the acquisition. Thus
the deal has been completed on time despite the prevailing
turmoil in the world''s capital markets.
acquisition is part of a drive by companies in oil-producing
Gulf Corporation Council (GCC) countries to go global.
They have got a big boost since 2002, with the sharp rise
in oil prices, which has resulted in six consecutive years
of budget and current account surpluses.
is SABIC''s third major acquisition in since 2002, when
it acquired DSM Petrochemicals from Dutch chemicals major
DSM, which disposed of this unit as part of a strategic
restructuring. In 2006 SABIC acquired the European operations
of Huntsman''s petrochemicals businesses.
end August 2007, GE Plastics agreed to acquire Bayer MaterialScience''s
share of their Exatec joint venture, which makes advanced
glazing systems for the automotive industry. Under the
terms of this deal, which is subject to regulatory approval,
GE Plastics will acquire Bayer''s 50-per cent share of
the joint venture, thereby increasing its equity interest
in Exatec to 100 per cent.
which now has more than 30,000 employees, has a wide global
network of manufacturing facilities, research and development
centers and sales offices. The company has a presence
in more than 60 countries.
Innovative Plastics'' product portfolio includes plastic
resins and compounds used in automotive, healthcare, consumer
electronics, transportation, performance packaging, building
and construction, telecommunications and optical media
applications. It manufactures and compounds polycarbonate,
ABS, ASA, PPE, PC/ABS, PBT and PEI resins, as well as
the LNP line of high-performance specialty compounds.
Its brand names include Lexan, Cycolac, Geloy, Noryl,
Cycoloy, Valox and Ultem.