New Delhi, May 22, 2007 --- GE today announced that it has signed a definitive agreement to sell GE Plastics 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. The closing of the transaction is subject to customary conditions, including the receipt of regulatory approvals, and is targeted for the third quarter of 2007.