GE has agreed to sell GE Plastics to Saudi Basic Industries Corporation (SABIC), a global petrochemicals manufacturer, for $11.6 billion in cash plus assumption of debt.
GE Plastics is a $6.645 billion global supplier of plastic resins widely used in automotive, healthcare, consumer electronics, transportation, performance packaging, building and construction, telecommunications, and optical media. It is headquartered in Pittsfield, MA. and employs 10,300 people in 60 locations worldwide.
SABIC is  ; one of the world’s 10 largest petrochemicals manufacturers ranked by market capitalization (currently US$80 billion). The company produces polyethylene, polypropylene, glycols, methanol, and fertilizers as well as the fourth largest polymer producer.
Brian Gladden, who currently serves as vice president of GE Plastics’resin business, will be president and CEO of the new business, which will be renamed upon completion of the transaction.