September 3, 2007-His Royal Highness Prince Saoud Bin Sanayan Al-Saoud, Chairman of Shanghai-Saudi Basic Industries Corporation (SABIC), announced today that the company has completed a $ 11.6 billion acquisition of Acquisition of GE Plastics.
GE Plastics Group has now become a new component of SABIC-SABIC Innovative Plastics. The new business will focus on the global development of thermoplastics and engineering plastics. It will serve the automotive, electronics, healthcare and construction industries through technological innovation. Brian Gladden has been appointed CEO of Saudi Basic Innovative Plastics.
"We are very pleased with the final completion of the acquisition," said Prince Saoud.
He said: "This acquisition will greatly expand the variety of SABIC plastic products and lead the company to enter new international markets. I believe that the talent, products and technology brought by SABIC Innovative Plastics The tradition of material innovation and rich experience will further consolidate and enhance the company's position as a leader in the global plastics industry. We will honor our commitment to employees, communities and factory facilities that contribute to such a world-class company. "
Mohamed Almadi, SABIC Vice Chairman and CEO, added: "As SABIC has a good reputation in the global financial markets, SABIC Innovative Plastics has a strong business foundation and a world-class, diverse The product structure allows us to ensure the required financial support. This is why we can complete this transaction on time under the current global climate of volatile credit markets. This acquisition will further enhance SABIC's position as a global leader. We will add more and more important production plants and compounding plants in the Americas, Europe and Asia Pacific to further increase our global production capacity. "
He said, "The establishment of SABIC Innovative Plastics is a strategically important step on our global development path, and it is also consistent with our consistent purpose of serving our customers-whether in regional distribution or in innovative plastic solutions. And products can meet customer needs and bring extraordinary value to customers. "
After completing the acquisition of DSM and Huntsman's European petrochemical products business some time ago, SABIC's staff has increased to more than 30,000. The company's global network of production equipment, research and technology development centers and sales offices has been further developed. With its business network in more than 100 countries, SABIC already has strong strength and will be able to better meet the needs of its global customers.
SABIC Innovative Plastics is a global supplier of plastic resins and their synthetic products. Its products are widely used in automotive, medical, consumer electronics, transportation, high-performance packaging, construction engineering, telecommunications, and optical media applications. The company produces and synthesizes polycarbonate, ABS, ASA, PPE, PC / ABS, PBT and PEI resins, as well as LNP series of high-performance special synthetic materials. Its well-known brands include Lexan®, Cycolac®, Geloy®, Noryl®, Cycoloy ®, Valox® and Ultem®.
SABIC Innovative Plastics special high-performance Lexan film and sheet products produced in the special film and sheet department are widely used in various types of products with strict material requirements in the world. The company's dedicated automotive business is an extremely experienced global supplier. It provides leading plastic solutions for 5 key automotive components—body and windows; component applications under the hood, body trim, structural and interior trim, and lights.
Saudi Basic Industries Corporation (SABIC) is the world's top 10 petrochemical manufacturer. SABIC is the world's leading producer of polyethylene, polypropylene and other advanced thermoplastics, ethylene glycol, methanol and fertilizers and the fourth largest polyolefin manufacturer.
SABIC's profit rose to a historical high of 20.3 billion rials ($ 5.4 billion) in 2006, an increase of 6% over 2005. In 2006, SABIC's total sales revenue reached Rial 86.3 billion ($ 23 billion), the highest revenue SABIC has achieved since its establishment. At the end of 2006, the assets reached 740 riyals ($ 20.3 billion).