WV Department of Economic Development Secretary Mitch Carmichael, Director Mike Graney and others are in Taiwan today to meet with companies that have invested in West Virginia or are considering the state for future projects. It is really great that part of our Department of Economic Development and our state legislature are visiting with some of these international companies and spreading the word about our great state.” “International companies from 33 countries have invested billions in West Virginia, and those companies employ 30,000 West Virginians. “International investment is a significant and growing sector of our economy,” said Gov.

Justice announced today that members of his Department of Economic Development team and members of the WV Senate and House of Delegates are in Taiwan today as part of a business development mission to Korea, Japan and Taiwan. The company’s petrochemical business would bounce back this quarter on foreign-exchange gains, Wang said.Charleston, W.Va. The company’s first-quarter net income dipped 18.37 percent to NT$2.02 billion from a year earlier due to higher crude oil prices.Įarnings per share decreased to NT$0.40, while gross margin dropped 3.36 percentage points to 17.56 percent. Petrochemical, textiles and polyester products contributed 65 percent of sales last quarter, while the telecom business accounted for 33 percent, and property and other services accounted for the other 2 percent, FENC said. It also jointly acquired another PET plant in Texas with two foreign companies in December last year.Īccumulated investments in the US have totaled more than NT$13 billion since last year, company data showed. The company bought a PET plant in West Virginia from M&G USA Corp and land in Ohio in January last year. The purchase is FENC’s third investment in the US in the past 18 months. Governments around the world have also demanded that international brands increase the use of recycled material in their products to help protect the environment, he added.įENC also has major R-PET plants in Taiwan and Japan, with annual outputs of 55,000 tonnes and 50,000 tonnes respectively.įollowing the latest acquisition, the company expects its annual R-PET output to rise from last year’s 225,000 tonnes to 261,000 tonnes, it said. “The purchase of Phoenix Technologies is to meet the growing demand for R-PET from global beverage and daily necessity brands,” Wang said. The Ohio-based plant is to focus mostly on the US market and FENC plans to acquire more facilities for the plant if demand continues to grow, he said. “The newly acquired plant has an output of 36,000 tonnes of R-PET per year and we expect it to contribute to sales right away as it is already in operation,” FENC chief financial officer Wang Chien-cheng (王健誠) told the Taipei Times by telephone yesterday. Phoenix Technologies produces recycled PET (R-PET) to make plastic containers for drinks, food, cleaning products and other daily necessities. The company bought Phoenix Technologies for NT$316 million (US$10.04 million) through its chemical fiber subsidiary APG Polytech USA Holdings Inc, the company said in a filing with the Taiwan Stock Exchange on Monday. Polyester and textile maker Far Eastern New Century Corp (FENC, 遠東新世紀) has acquired 90 percent of the shares of US polyethylene terephthalate (PET) recycler Phoenix Technologies International LLC, an investment that is expected to contribute to its sales this quarter.

Apg polytech