Plastics SBU would cease to exist by January 1, 2016. This change follows the reallocation of the Performance Chemicals portfolio into the Chemicals SBU. In July 2002, SABIC commenced operations in Europe after the $2 billion acquisition of the petrochemicals business of Dutch group DSM. SABIC Europe, SABIC's European subsidiary, produces over 2 million tonnes of polymers and over 5 million tonnes of basic chemicals. It employs over 3,000 people and has two major manufacturing locations in Geleen in the Netherlands and Gelsenkirchen in Germany. After forming SABIC Europe, SABIC became the 11th-largest petrochemicals company in the world. The purchase of DSM signified SABIC's intent to expand and become a true global company. In 2004, the value of SABIC shares, listed on the Saudi Stock Exchange (Tadawul), increased 170% while its net profits increased by 112% from 2003 to 2004. In 2005, SABIC was the Middle East's largest (in terms of market capitalization) and most profitable publicly listed non-oil company, the world's 11th-largest petrochemical company, ranked 331 on the Fortune Global 500 for 2005, the second-largest producer of ethylene glycol and methanol in the world, the third-largest producer of polyethylene and overall the fourth-largest producer of polypropylene and polyolefin. Standard & Poor's and Fitch Ratings claimed SABIC to be the world's largest producer of polymers and the Persian Gulf region's largest steel producer for 2005; they assigned SABIC an "A" corporate credit rating. That same year, Bloomberg ranked SABIC as the 13th-largest company in the world in terms of market capitalization (at the beginning of 2005 it exceeded billion, the equivalent of billion) and the second-largest by market value outside the US and UK. In June 2006, SABIC established the "SABIC Sukuk Company" to issue Islamic bonds (Sukuk) that are estimated to range between billion ( million) and billion ( million). In January 2007, SABIC Europe took over Huntsman Corporation plants in the UK. Headquartered in Sittard, Netherlands, SABIC Europe has a European wide network of sales offices and logistic hubs, as well as three petrochemical production sites in Europe: Geleen (Netherlands), Teesside (United Kingdom), and Gelsenkirchen (Germany). In 2008, SABIC Europe produced 7.3 million metric tons of petrochemicals, mainly for the European market. On May 21, 2007, SABIC acquired General Electric's Plastics division, in a billion cash deal, including billion of its liabilities, and launched SABIC Innovative Plastics. In that year, the company ranked 145 (previous rank: 301) in