NEW YORK, Aug. 31 /PRNewswire/ -- Saudi Basic Industries Corporation (SABIC) today announced the completion of its purchase of GE Plastics from General Electric for a purchase price of US $11.6 billion. The announcement was made by SABIC Chairman, HH Prince Saud bin Abdullah bin Thenayan Al-Saud. (Logo: http://www.newscom.com/cgi-bin/prnh/20070831/LAF020LOGO) The former GE unit is now SABIC Innovative Plastics, a new business addition to SABIC that will focus on the global growth of thermoplastics and engineering plastics through innovation to serve the automotive, electronics, healthcare, and construction sectors. Brian Gladden has been appointed CEO of SABIC Innovative Plastics. "We are very pleased to confirm the completion of this acquisition", said Prince Saud. "This acquisition will significantly broaden SABIC's plastics product portfolio and provide access to new global markets. The people, products and technologies of SABIC Innovative Plastics bring a legacy of material innovation and expertise that I believe will enable SABIC to further strengthen and grow its position as a world-class leader in the plastics industry. We will maintain our commitment to the people, communities and facilities that have contributed to this world-class organization", he said. Mohamed Al-Mady, SABIC Vice Chairman and CEO, added, "We were able to secure the required financing due to recognition of SABIC in the global financial and capital markets, sound business profile of SABIC Innovative Plastics and its world-class diversified product portfolio. Hence, we successfully completed the deal on time, despite the prevailing turbulence in the global credit markets. This acquisition will further enhance SABIC's position amongst the leading global companies. Our global manufacturing capabilities will be further expanded to include significant additional plants and compounding operations in the Americas, Europe and Asia Pacific regions." "SABIC Innovative Plastics is another strategically important step in our global growth and ongoing commitment to serve our customers -- both in terms of geography and in meeting their needs for innovative plastics solutions and products that deliver outstanding value", he said. Following earlier acquisitions of DSM and Huntsman's petrochemicals businesses in Europe, SABIC now has more than 30,000 employees. The company has an expanded global network of manufacturing facilities, Research & Technology centers and sales offices. With a presence in more than 100 countries, SABIC is well-positioned to meet the needs of its global customers. SABIC Innovative Plastics is a global supplier of plastic resins and compounds widely used in automotive, healthcare, consumer electronics, transportation, performance packaging, building and construction, telecommunications and optical media applications. The company manufactures and compounds polycarbonate, ABS, ASA, PPE, PC/ABS, PBT and PEI resins, as well as the LNP line of high-performance specialty compounds, under such well known brand names as Lexan(R), Cycolac(R), Geloy(R), Noryl(R), Cycoloy(R), Valox(R) and Ultem(R). The Specialty Film and Sheet division of SABIC Innovative Plastics manufactures high-performance Lexan sheet and film products used in thousands of demanding applications worldwide. The dedicated automotive organization is an experienced, worldwide supplier, offering leading plastics solutions for five key automotive segments: body panels and glazing; under the hood applications; component; structures and interiors; and lighting. (R) Trademarks of Sabic Innovative Plastics Holding BV and its affiliates. Othman Al-Humaidi General Manager, Corporate Communications About SABIC Saudi Basic Industries Corporation (SABIC) is one of the world's 10 largest petrochemicals manufacturers. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers, as well as the fourth- largest polyolefins producer. SABIC's profit rose to a record SR 20.3 billion (US$ 5.4 billion) in 2006, a 6 percent increase on 2005. Sales revenues for 2006 totaled SR 86.3 billion (US$ 23 billion), the highest revenues achieved by the company since its inception. Current assets at the end of 2006 were SR 74 billion (US$ 20.3 billion). SABIC operates six interlinked strategic business units: Basic Chemicals, Intermediates, Specialty Products, Polymers, Fertilizers and Metals. The company has significant research resources and has dedicated Research and Technology centers in the Middle East, the Americas, Europe and Asia-Pacific and a network of more than 60 global sales offices. SABIC has more than 30,000 employees worldwide. SABIC has 53 production sites worldwide. In Saudi Arabia, the company has 20 world-scale complexes and 19 of them are located at the two largest sites -- in Al-Jubail and in Yanbu. Some of these complexes are operated with multi-national joint venture partners such as ExxonMobil, Shell and Mitsubishi Chemicals. SABIC produces in 22 locations in the Americas and 16 locations in Asia-Pacific. In Europe, SABIC has 14 production sites. SABIC's overall production has increased from 27 million metric tons in 2001 to 49.1 million metric tons in 2006. Headquartered in Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of SABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.