GE division bought a Saudi firm - No! The other way round!
Remember the chaos when a Dubai-based company bought that port company for $6 billion dollars? Now in a deal worth "double" that price, SABIC, the Saudi-based petrochemical company just announced buying GE Plastic division for $12 billion dollars.
GE Plastics, which has 11,000 employees in 20 countries, "is among the largest producers of high-performance polymers used by electronics, office equipment, computer, and automotive manufacturers", reads their company profile. Now SABIC of Saudi Arabia, which in earlier deals had acquired DSM Petrochemicals business in Europe and the Huntsman Petrochemicals business in the UK, owns GE Plastics as well.
A new controversy anyone?
May 23, 2007 |
Filed under Saudi Investors
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