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Press Release

GE Completes Sale of Plastics Business to SABIC

August 31, 2007

FAIRFIELD, Conn.--(BUSINESS WIRE)--General Electric Company (NYSE:GE) announced today it has completed the sale of its Plastics business to Saudi Basic Industries Corporation (SABIC), a globally respected petrochemicals manufacturer, in a deal valued at $11.6 billion in cash plus assumption of liabilities.

As previously announced, GE will use the proceeds from this sale to complete its current $27 billion stock buyback program, with $12 billion of the $14 billion planned for 2007 coming in the second half of this year. The gains from this sale will be used for restructuring that will strengthen the company for future growth. This sale is part of GE's strategy of focusing on higher-growth, higher-return technology businesses.

The former GE business is a $6.6 billion global supplier of plastic resins widely used in automotive, healthcare, consumer electronics, transportation, building and construction, telecommunications, and optical media. It is headquartered in Pittsfield, MA. and employs 10,300 people in 60 locations worldwide.

GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at

Caution Concerning Forward-Looking Statements:

This document contains "forward-looking statements"--- that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expect," "anticipate," "intend," "plan," believe," "seek," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties that could adversely or positively affect our future results include: the behavior of financial markets, including fluctuations in interest and exchange rates and commodity and equity prices; the commercial and consumer credit environment; the impact of regulation and regulatory and legal actions; strategic actions, including acquisitions and dispositions; future integration of acquired businesses; future financial performance of major industries which we serve, including, without limitation, the air and rail transportation, energy generation, media, real estate and healthcare industries; and numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.


General Electric Company
Russell Wilkerson, 203-373-3193 (office)
203-581-2114 (mobile)
[email protected]
Dan Janki, 203-373-2468 (office)
[email protected]

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