GE Plastics is up for sale
By Tom Stundza -- Purchasing, 1/9/2007 8:38:00 AM
General Electric Co. is looking to sell its plastics unit at auction, seeking as much as $10 billion. GE Plastics, based in Pittsfield, Mass., was created in 1930, originating from experiments with plastic filaments for light bulbs conducted by Thomas Alva Edison in 1893. The firm manufactures a range of engineering plastic resins including Lexan polycarbonate, ABS (acrylonitrile butadiene styrene) and other specialized resins. Goldman Sachs Group has been hired to look for buyers, according to Bloomberg News Service, but is restricting the ability of private-equity firms to form groups in the auction.
That’s because the Justice Department is investigating possible anticompetitive behavior on the part of buyout firms, which often team up to buy multibillion-dollar assets.
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