Sabic stands ready after GE Plastics purchase
PITTSFIELD Now that Sabic Innovative Plastics formerly GE Plastics has landed in its new corporate mothership, it ends several weeks of drifting unattached through the choppy seas of the plastics industry.
After the pending $11.6 billion sale of GE Plastics to Saudi Basic Industries Corp. was announced in May, lines of communication and leadership to General Electric Co. swiftly dissolved, and with the new owners still steaming toward the official closing of the sale, which occurred Friday, the plastics company was left to fend for Christian Louboutin Shoes Replica itself.
Newly named Sabic Innovative Plastics CEO Brian T. Gladden, the former vice president Louboutin Heels and general manager of GE Plastics' resins division, provided direction for a company in the void between owners, while preparing the company for new leadership.
Sources have said that there will be some differences in the company culture that may develop in the coming weeks and months.
On the other hand, one way the company may differ from its former incarnation is that it will Mbt Stockists Australia have the capacity to be lighter on its feet and to react faster to customers' needs now that the GE bureaucracy isn't involved.
"We want to take what we like about the GE culture and fix the things that don't necessarily work as well in our industry, like creating more customer intimacy, more globalization and diversity," Gladden said. "The GE values we will take with us have to do with our commitment to safety Beats By Dre Studio Cheap Australia and execution on financial results. And Sabic has given Replica Louboutin Shoes Australia us that flexibility. This is our company, and Just Beats Headphones Australia we're going to build it into what we want."
Sabic officials have also indicated that Sabic IP will operate as an independent company.
"We will run this as a separate business unit with quarterly Sabic board meetings to report on operations and performance," Gladden said. "But we will have our own strategies, our own operating rhythms."
He added that Sabic leadership has left it up to the plastics management as to whether the headquarters would stay or leave the Pittsfield campus.
"It's really our decision, and we're determined to stay here," Gladden said. "Since 1937, we've had a history here, we've got our core leadership capabilities here. We've got enough changes to deal with, there would be no sense in making bigger changes for no reason."
The former GE Plastics company is a Mens Nike Free substantial addition to Saudi Basic Industries Corp., or Sabic, one of the world's 10 largest petrochemical manufacturers.
Sabic is among the world's market leaders in the production of polyethylene, polypropylene, glycols, methanol, MTBE and fertilizers. It is also the largest steel manufacturing company in the Middle East and North Africa. It employs approximately 17,000 worldwide, excluding the newly purchased plastics division.
In taking control of GE Plastics, Sabic becomes the proud owner of a company Cheap Supra Shoes Free Shipping with about 30,000 customers and 10,300 employees at 60 locations worldwide, including manufacturing plants in North America, Spain, Holland and China.
In 2005, GE Plastics' annual revenue was up 9 percent over the prior year's earnings, to $6.6 billion.
