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Friday, May 18, 2007 1:48 AM ET
General Electric close to selling plastics division to Saudi Basic Industries for $11 billion
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General Electric Co. (GE-US)$ 97.84
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Last Updated: 11/26/2021

General Electric Co. is reportedly close to reaching an agreement to sell its plastics division to Saudi Arabia's Saudi Basic Industries Corp. for about $11 billion, The Wall Street Journal reported May 18, citing sources familiar with the matter.

Saudi Basic Industries is not expected to run into political difficulties in connection with the deal because the General Electric assets are not related to defense or security, the publication reported, citing the sources.

The Journal reported that the sale of the plastics division is part of General Electric's efforts to sell slow-growth and volatile business. With the sale of the plastics division, General Electric will exit from the plastics business.

General Electric spokesman Gary Sheffer declined to comment and a spokesman for Saudi Basic Industries could not be reached, the Journal reported.

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