Indiana: General Electric to sell plastics division to Saudi company.

[hippiechick]

:wtf: Is this THE General Electric, as in NBC/MSNBC etc?

http://www.indystar.com/apps/pbcs.dll/article?AID=/20070523/BUSINESS/705230507

MOUNT VERNON, Ind. -- Representatives of the Saudi Arabian company that bought GE Plastics said they expect to grow their new business and are not planning any work force reductions including at an Indiana plant.

General Electric Co. said Monday it plans to sell its plastics division for about $11.6 billion to Saudi Basic Industries Corp. The deal is expected to close in the third quarter.
The division includes a GE Plastics factory that employs about 1,450 people in Mount Vernon, 20 miles west of Evansville. The factory has been the largest employer in Mount Vernon and Posey County for nearly 50 years.

The Pittsfield, Mass.-based plastics division has struggled since 2004 due to the rising costs of natural gas and raw materials, but Saudi Basic Vice Chairman and Chief Executive Mohamed Al-Mady said the acquisition fits well within his petrochemical company. "This business is complementary to our existing business without any overlaps," he said. GE Plastics CEO Brian Gladden said the match of a petrochemical company with a high-performance plastics manufacturer should bode well for the stability of current GE Plastics plant operations.


... more at link ...

[ChairmanAgnostic]

1. we spend billions on oil,

then we sell our companies to the sauds in exchange for the money we spent on oil.

yeah, mission accomplished.

[papau]

2. Includes Defense opts like bullet proof windows n/t

n/t