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    1301   TW0001301000

FORMOSA PLASTICS CORPORATION

(1301)
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Formosa Plastics : Mitsui Chemicals; Expansion of Electrolyte Solution Production Capacity for Taiwan JV

12/20/2016 | 09:00pm EDT

Mitsui Chemicals enhances mobility business to capture share in China’s environment-friendly car market

Formosa Mitsui Advanced Chemicals Co., Ltd. (“FMAC”), a joint venture of Mitsui Chemicals, Inc. (Tokyo:4183; President & CEO: Tsutomu Tannowa; “Mitsui Chemicals”) and Formosa Plastics Corporation (Taiwan:1301; Chairman & President: Jason Lin; “Formosa Plastics”), is to beef up the capacity of its lithium-ion, battery-use, electrolyte solution production facilities.

Demand for lithium ion batteries has expanded in line with the growth of the laptop, smartphone, and tablet device markets. In the future, greater market growth is forecast for the mobility market with the surge in demand for environment-friendly plug-in hybrid and electric vehicles especially in China.

Mitsui Chemicals, with Formosa Plastics, has exploited its extensive knowledge and cutting-edge technology to build high-quality production facilities for electrolyte solutions at FMAC to meet the needs of an expanding Chinese market, with operations commencing in July 2016. This latest plan for FMAC will expand production and supply systems in preparation for further market growth. Below is an outline of FMAC and the planned expanded production capacity.

[Outline of FMAC and planned expanded production capacity]

1. Name

  Formosa Mitsui Advanced Chemicals Co., Ltd.

2. Establishment

August 2013

3. Capital

US$ 8.2 million

4. Equity ratio

Mitsui Chemicals 50%, Formosa Plastics 50%

5. Location

FPC industrial complex in Ningbo, China

6. Business

Manufacture, sales and research for electrolyte solution in China

7. Capacity

1500 tons/year

(commercial operations commenced July 2016)

8. Planned expanded
production capacity

  Following expansion: +3,500 tons/year (to be 5,000 tons/year)

Construction Start scheduled: December 2016

Commercial operations scheduled: November 2017

 

Demand for lithium-ion battery-use electrolyte solution is also forecast to grow in Japan, especially for onboard equipment. Mitsui Chemicals established a production facility for 5,000 tons/year at Nagoya Works in October 2016, with commercial operations scheduled to commence in April 2017.

The Company has targeted the mobility domain as a growth driver. As one of the growth leaders in this domain, Mitsui Chemicals is actively pursuing development in the area of lithium-ion battery-use electrolyte solutions. Mitsui Chemicals will further strengthen its electrolyte solution business by expanding its production and supply systems in China and Japan.

[Outline of Formosa Plastics]

1. Name

  FORMOSA PLASTICS CORPORATION

2. Establishment

November 1954

3. Capital

US$ 1,930 million

4. Location

201 Tung Hwa N. Road Taipei, Taiwan

5. Business

Manufacture and sales of petrochemicals and chemical products

6. Employees

  6,024 (2015)


ę Business Wire 2016
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Financials
Sales 2021 249 B 8 859 M 8 859 M
Net income 2021 54 533 M 1 944 M 1 944 M
Net cash 2021 3 061 M 109 M 109 M
P/E ratio 2021 11,6x
Yield 2021 6,28%
Capitalization 635 B 22 612 M 22 621 M
EV / Sales 2021 2,54x
EV / Sales 2022 2,79x
Nbr of Employees -
Free-Float 66,5%
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Number of Analysts 12
Last Close Price 99,40 TWD
Average target price 123,64 TWD
Spread / Average Target 24,4%
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Managers and Directors
Chien Nan Lin Chairman & General Manager
Chen Hsiao Lei Chief Financial Officer
Chi-Lin Wei Independent Executive Director
Ching Chi Wu Independent Director
Yen-Shiang Shih Independent Director
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