Formosa Plastics taps India, Southeast Asia for growth
Taiwan’s Formosa Plastics, the island’s largest maker of key plastic materials, on Tuesday said it wanted to aggressively expand in India, Southeast Asia, Middle East, and Africa to lower its dependence on China, which has been mired in a prolonged supply glut. “We are aiming to substantially lower our dependence on China as oversupply has become a chronic condition there and it is not going away any time soon,” said Chairman Jason Lin of Formosa Plastics. “We are aggressively increasing sales operations outside China in rapidly growing countries such as India, Turkey, Indonesia and Vietnam.” Formosa Plastics, along with Formosa Petrochemical, Formosa Chemicals and Fibre, and Nan Ya Plastics, are the listed units of Taiwan’s biggest industrial conglomerate Formosa Plastics Group.
