Saudis buy GE plastics arm in $11bn deal
From David Litterick of The Telegraph (UK)
The division is being bought by Basic Industries of Saudi Arabia, one of the world's largest chemicals companies, which is 70% owned by the Saudi government ... GE Plastics posted a profit of $674m on sales of $6.65bn last year. It specialises in polycarbonates - easily-worked plastics used in applications ranging from riot shields to compact-disc cases. GE's proprietary Lexan plastic is used in roofs, lighting, walkways, windows and domes. It operates in 21 countries around the world, including the fast-growing markets of China, India and Brazil ... The late King Khalid bin Abdulaziz established Sabic in 1976 with the aim making Saudi Arabia less dependent on oil. It has grown to employ 17,000 people.