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Business
... and confirms that plastics is for sale
January 29, 2007
| A version of this story appeared in
Volume 85, Issue 5
General Electric has confirmed published reports that it is considering a sale of its plastics business (C&EN, Jan. 15, page 13). "We continue to exit slower growth and more volatile businesses, and we are currently reviewing the potential disposition of our plastics business," said CEO Jeffrey R. Immelt in the company's fourth-quarter earnings announcement. The plastics unit posted 2006 sales of $6.7 billion, an increase of only 1% versus the year-ago period. Meanwhile, its earnings declined by 22%, to $674 million.
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