it's not surprising then they get bitter, they cling to guns or
religion or antipathy to people
aren't like them or anti-immigrant sentiment or anti-trade sentiment
a way to explain their frustrations."
Barack Obama, April 2, 2008
sells Plastic Division (click here)
GE Sells Plastics Unit to Sabic for $11.6 Billion
Saudi Basic Industries Corp. (Sabic) has agreed to
purchase GE's plastics division for $11.6 billion in cash, the
biggest-ever acquisition by a Middle Eastern company.
GE plans to use the proceeds to increase its buyback
program and finance restructuring. Riyadh-based Sabic expects the
purchase to boost sales 29% from $23 billion last year. Sabic has
doubled its sales since 2002, in part because of its access, via
state-owned Aramco, to huge reserves of oil and natural gas, which
are raw materials for plastics.
GE, conversely, was pushed to sell the unit
because of the high cost of crude. The purchase brings Sabic
into the specialties market and gives it "a material presence
in the U.S., the world's biggest market for petrochemicals,"
according to Peter Hutton, an analyst at HSBC Holdings. Sabic CEO
Mohammed Al-Mady: "It is a huge acquisition, and there are
opportunities for downstream industries for the Kingdom and the
GE has also signed over $2 billion in contracts for
turbines and desalination systems for Saudi Arabia.
GE CEO Jeffrey Immelt has green-lighted $80 billion
in acquisitions in GE fast-growing businesses like
healthcare while divesting $35 billion of assets in
volatile or expensive businesses like insurance. Sabic, which plans
to invest $20 billion in capacity expansion by 2009, reported a
record profit in Q1 2007, when net income jumped 50%.
are two ways
enslave a nation.
is by the sword.
other is by debt"
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