GE may sell unit to Saudi company
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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.
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