General Electric Sells Posey Plant
By: LaTonya Stephens
Updated: May 21, 2007
GE announces a deal to sell its plastics division to a Saudi Arabian company for more than $11 billion.
The sale includes a plant in Posey county and that has some residents concerned.
The company employs more than 14-hundred workers but GE company officials say there will be no layoffs.
They say its a good move for the plastics industry and employees.
But some residents like Evan Felty whose dad retired from the company are still a little un-easy.
Hes worried about how the move will affect his dads retirement and 401k plan.
Sabic is an 80 billion dollar petrochemical company.
The largest public company in the middle east.
GE says the Mt . Vernon plant will change hands and names in August or September of this year.
