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Saudi Basic Industries Corp. (SABIC) recently reached an agreement with General Electric Co. to acquire GE Plastics for $11.6 billion. Pending regulatory approvals, the transaction is expected to close in the third quarter.

GE Plastics provides plastic resins to the transportation, automotive, health care, consumer electronics, performance packaging, construction and telecommunications industries.

Last year, the company teamed up with CMI-Promex Inc. to introduce a plastic signal housing produced from a GE Plastics resin. Offered as an alternative to cast-metal signal housings, the plastic housing is designed to withstand cold temperatures and damage caused by flying debris from nearby tracks.