General Electric Co. is selling its plastics division for $11.6 billion to Saudi Basic Industries Corp., a petrochemical company controlled by the government of Saudi Arabia.
Several of the company”™s senior-most executives were groomed at GE Plastics, including Jeffrey Immelt, GE chairman and chief executive officer, and the division famously built the Apollo astronaut helmets that went to the moon.
The companies expect to close the deal in the third quarter, and did not immediately detail the impact on GE Plastics”™ headquarters in Pittsfield, Mass., and other facilities. GE Plastics has 10,300 employees worldwide.
Charlene Begley, president and CEO of GE Plastics, is staying with GE in an as-yet-unspecified role. GE Plastics will be led by Brian Gladden, who is currently vice president of GE Plastics”™ resin business.
Fairfield-based GE plans to spend proceeds from the sale to repurchase stock and for other unspecified restructuring activities.
Â
