Taiwan’s Far Eastern New Century Corp to develop recyclable and biodegradable materials

24-Jun-10

Taiwanese petrochemical and textile firm Far Eastern New Century Corp. plans to expand its green energy business by developing more recyclable and biodegradable materials. The company's 5 year development project of NT$100 bln (US$3.15 bln) will include investment of NT$50 bln in the first three years to develop its green energy business, expand its production capacity and target the markets of China. Under the five-year development plan, Far Eastern will set up an R&D division, helping to increase share of green energy from the current 5% of the company's total spend to 20%. Augmentation of the company’s polyethylene capacity from the current 1.6 mln tpa to to 2.6 mln tons is being planned. The Taiwanese major plans to accelerate marketing efforts in China to increase sales in value-added textile and petrochemical products.