Don't know exactly where this post fits...........................
Saudi Arabia has agreed to buy General Electric's ailing plastics division for $11 billion.
The deal is the largest ever completed in the Persian Gulf, the Telegraph of London reported Saturday.
The GE division is being bought by Basic Industries, which is a world-leader in chemical manufacturing and is 70 percent owned by the Saudi government, the Telegraph said.
Analysts had expected the division to sell for between $8 billion and $10 billion. GE posted the division for sale in January after high crude oil prices cut into company earnings. Sabic, as the Saudi company is known, has plentiful access to the world's oil reserves.
GE is expected to transfer some of the profits from the sale to its healthcare business. GE Plastics specializes in polycarbonates used for applications ranging from riot shields to compact-disc cases and its proprietary Lexan is used in roofs, lighting, walkways, windows and domes.
GE Plastics operates in 21 countries, including the fast-growing markets of China, India and Brazil.
Copyright 2007 by United Press International
Publication date: 19 May 2007
***********************************************
Word has it from a high up GE employee that GE is selling to build a plastics plant in China.
These big corporate conglomerates are selling us out for profits folks! Wake up!
Saudi Arabia has agreed to buy General Electric's ailing plastics division for $11 billion.
The deal is the largest ever completed in the Persian Gulf, the Telegraph of London reported Saturday.
The GE division is being bought by Basic Industries, which is a world-leader in chemical manufacturing and is 70 percent owned by the Saudi government, the Telegraph said.
Analysts had expected the division to sell for between $8 billion and $10 billion. GE posted the division for sale in January after high crude oil prices cut into company earnings. Sabic, as the Saudi company is known, has plentiful access to the world's oil reserves.
GE is expected to transfer some of the profits from the sale to its healthcare business. GE Plastics specializes in polycarbonates used for applications ranging from riot shields to compact-disc cases and its proprietary Lexan is used in roofs, lighting, walkways, windows and domes.
GE Plastics operates in 21 countries, including the fast-growing markets of China, India and Brazil.
Copyright 2007 by United Press International
Publication date: 19 May 2007
***********************************************
Word has it from a high up GE employee that GE is selling to build a plastics plant in China.
These big corporate conglomerates are selling us out for profits folks! Wake up!