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GE closes on $11.6 billion sale of plastics business to Saudi company

GE closes on $11.6 billion sale of plastics business to Saudi company

General Electric Co. has closed on an $11.6 billion (euro8.46 billion) sale of its plastics division, the final step in the long-anticipated divestiture.
The sale to petrochemicals manufacturer Saudi Basic Industries Corp. is part of the Fairfield-based conglomerate's strategy of selling slower growth and volatile businesses, such as insurance, to invest in high-growth, high-technology businesses, such as health care.
GE will use the proceeds of the sale to complete a $27 billion (euro19.7 billion) stock buyback program.


Updated : 2021-05-18 17:03 GMT+08:00