Saudi Arabian Company buys out GE Plastics

A major tri-state manufacturer officially belongs to a Saudi Arabian company. SABIC Innovative Plastics completed the purchase of ge plastics late last week. Today the new company heads introduced themselves to their employees. SABIC bought all 60 ge plastics plants in america including the one in mount vernon. Just like any buyout, especially one from Saudi Arabia, employees were concerned about the future of their jobs. The men who run the company came all the way from the Middle East to halt some of those concerns. Driving into Mount Vernon you get the impression someone important is moving into town. Its a new owner for the areas largest employer GE Plastics. "Were excited to have it be a part of SABIC Innovative Plastics," says CEO Brian Gladden The Saudi Arabian based SABIC bought the company for more than 11 billion dollars. There are obvious initial changes like the name of the company is written in Arabic. That was a worry for some at first, but the biggest concern was just a new company coming in. "I was a little apprehensive theyll buy it close it down take all the technology to SaudiAarabia and well be out in the cold, but now it sounds like just the opposite," says worker Ron Sammert. Sammert, along with hundreds of others, say hearing the comments from company heads like vice chairman Mohammed Al-Mady are comforting. "We want them to be part of a global company, international company strong company. The most profitable company," says Al-Mady. The meet and greet is the first step in that plan. It appears to make a good impression. "Theyve got the chemicals we need and have to pay such a high price for," says Sammert. That mixed with ge plastics technology could mean big things for the new conglomerate and in turn, maybe big things for the city of Mount Vernon. SABIC is one of the worlds 10 largest petrochemical manufacturers. The Innovative Plastics Company now employs 30 thousand people with the addition of the GE Plastics plants.