GE may sell unit to Saudi company
From Times Staff and Wire Reports
General Electric Co. is close to an agreement to sell its plastics division to Saudi Arabia’s biggest industrial company for about $11 billion, the Wall Street Journal reported.
The suitor, Saudi Basic Industries Corp., is one of the largest non-oil companies in the Middle East and has manufacturing and research facilities around the world. It had been bidding against Dutch plastics giant Basell, the Journal reported on its website.
A spokesman for GE declined to comment. GE said in January that it would explore a sale of the unit, which has struggled in recent years. In 2006, its profit dropped 22% to $674 million on sales of $6.6 billion.
