General Electric (NYSE: GE) and Saudi Basic Industries Corporation (SABIC) yesterday announced that they had reached agreement for SABIC to acquire GE Plastics for a purchase price of $ 11.6 billion. The Announcement of the acquisition was made by Jeff Immelt, Chairman and CEO of GE and Mohamed Al-Mady, Vice Chairman and CEO of SABIC. “As a global operating company, SABIC has a long-term, strategic interest in the people, communities, customers, products, plants and technology of GE Plastics,” said Al-Mady, according to the announcement which is carried by SABIC's web-site. “This acquisition represents another important step in SABIC's growth and diversification to become one of the world's leading manufacturing companies.” --MORE
