GE Plastics Concludes Acquisition of Commercial Plastics; Greg Adams Named Commercial Plastic President.Business Editors PITTSFIELD, Mass.--(BUSINESS WIRE)--Dec. 21, 2000 GE Plastics, an operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon of General Electric Company (NYSE NYSE See: New York Stock Exchange :GE), announced today that it has completed its acquisition of Commercial Plastics & Supply Company of Boca Raton Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla., a global leader in the marketing, fabricating, and distribution of high performance plastic sheet, rod, tube and film products. Not included were Nytef Plastics, an extruder of engineering plastics rod and plate; Comco Plastics, a custom fabricator of plastics materials; and Transparent Protection Systems, Inc. (TPS (1) (Transactions Per Second) The number of transactions processed within one second. TPS is a better rating for the performance of hardware and software than the common MHz and GHz rating of the computer. ), a manufacturer of hurricane and storm protection systems. The price and other terms of the acquisition were not disclosed. GE Plastics also announced that it has named Greg Adams as president of Commercial Plastics. Adams also heads Cadillac Plastic, which GE acquired earlier this year. The former President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Commercial, M.R. French, Jr., will assist with the transition of the business to GE, reporting to Adams as an executive advisor. Separately, French will continue to head the three business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets not included in this acquisition, Nytef Plastics, Comco Plastics, and TPS. GE Plastics is a leading global manufacturer of high performance engineering thermoplastics, with manufacturing facilities and technology and innovation centers around the world. GE Plastics supplies a spectrum of high performance resins and application development resources to help its customers achieve a competitive edge through performance and design differentiation. Sales for GE Plastics in 1999 were $6.9 billion. Visit us at http://www.geplastics.com. |
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