8:31 AM GE (General Electric) Plastics Company for sale to the Middle East | |
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This acquisition became one of the largest purchases of Middle Eastern companies over which the United States. "By reputation, responsibility, and commitment to investment in technology, SABIC is the best option," said President of GE Jeff Immelt. GE Plastics is a supplier of plastics for various industries such as automotive, construction, building, and telecommunications. The SABIC is the largest company in the Middle East with a market cap of U.S. $ 80 billion. The company is 70 percent owned by the government of Saudi Arabia includes 10 major oil company to manage the world. "This acquisition shows the important steps SABIC growth and diversification to become one of the largest manufacturing companies in the world," said President Director Mohamed Al-Mady SABIC. Both companies agreed to complete the proposed acquisition in the third quarter of this year. | |
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