SHANGHAI--April 10, 2002--GE Plastics, a unit of General Electric Company, announced today that it has signed definitive agreement to purchase 100% shares of Zhongshan Plastech Sunsheet Co., Ltd., a Chinese polycarbonate multi-wall manufacturer in Zhongshan City of South China's Guangdong Province.
The new company is named GE Plastech Sunsheet ( Zhongshan) Co., Ltd. This marks the first major acquisition GE and GE Plastics has signed in China in 2002.
Mark Wall, President of GE Plastics Greater China made the announcement in the signing ceremony held in Zhongshan Government Hall today. Wall said: China is a global focus for GE and GE Plastics business. Our presence in China has continued to expand. This new acquisition will help us further drive our growth, broaden our product line and maintain our leadership role in engineering thermoplastics in China.
GE Plastics is the world's leading producer of engineering thermoplastics. It employs about 550 people in China in its two compounding facilities, as well as key application development center, on-line service center and 17 field commercial, marketing & technical offices.
Zhongshan Plastech has world-class products and technology, an extensive distribution network and a strong management team. The Company is a great fit of our growth strategy in China. Said Wall.
He estimated that the polycarbonate sheet market will grow at 15% annually in China with the development of building and construction, agriculture and advertising industries. By adding the local extrusion capability of polycarbonate sheet to GE Plastics' business portfolio in China, we will be able to better serve customers in this market. Said Wall.
According to Yang Zhuoxuan, Chairman of Zhongshan Plastech Sunsheet Co., Ltd, this new transaction is a win-win for both companies and will contribute to strengthening Plastech's leading position in Polycarbonate sheet extrusion market in China, especially along the Southeast coastline.
We are excited about the opportunity to become a part of GE Plastics family, added Lin Yaoqi, General Manager of Plastech. We are highly confident that the combination of Plastech's high value-added products with GE's resources, six-sigma process, technology and marketing expertise, we will bring great value to our customers, employees and suppliers. The transaction, which is subject to regulatory approvals is expected to close by Middle May, 2002.
About Zhongshan Plastech Sunsheet Co., Ltd.:
Zhongshan Plastech Sunsheet Co., Ltd. Was established in 1995. It supplies both to domestic and international markets polycarbonate hollow profile under the trademark Plastech Sunsheet. Its products are widely used in the field of architecture, adornment, advertising and etc.
About GE Plastics and GE
GE Plastics is a leading global manufacturer of high performance engineering thermoplastics, with manufacturing facilities and technology and innovation centers around the world. GE Plastics supplies a spectrum of high performance resins and application development resources to help its customers achieve a competitive edge through performance and design differentiation. For more information,
visit GEP's Web site at http://www.geplastics.com,
http://www.gepolymerland.com, and http://www.gepolymershapes.com.
GE, with 2001 revenues of $126 billion, is a diversified technology, services and manufacturing company with a commitment to achieving customer success. GE operates in more than 100 countries and employs 313,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com and http://www.ge-china.com.
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