The European Commission has approved the Saudi Basic Industries Corporation’s acquisition of GE Plastics. SABIC announced the $11.6 billion deal in May 2007.
SABIC previously acquired DSM Petrochemicals in Europe and Huntsman Petrochemicals in Britain. In both of those cases, existing management teams continued to manage the business and were given SABIC support in implementing investment and growth initiatives.
Based in Houston, SABIC Americas has operated in the US for more than 20 years. The company currently has more than 200 employees in the US through its own operations and a joint venture in New Jersey, plus another 500 who are employed indirectly through suppliers. With the acquisition, SABIC will employ some 30,000 people in the US.