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    1301   TW0001301000

FORMOSA PLASTICS CORPORATION

(1301)
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Formosa Plastics : Texas company to pay nearly $3M for Clean Air Act violations

09/15/2021 | 01:41pm EDT

POINT COMFORT, Texas (AP) — A Texas plastics company has agreed to pay nearly $3 million in civil penalties for violating the Clean Air Act, the U.S. Department of Justice announced.

Formosa Plastics Corp. also agreed to improve its risk management program at its petrochemical plant in Point Comfort.

The U.S. Environmental Protection Agency began investigating Formosa after a series of fires, explosions and accidental releases at the plant in Point Comfort, a city on the Gulf Coast about 105 miles (170 kilometers) southwest of Houston.

Workers suffered burns and inhaled chlorine as a result of those accidents, which happened from 2013 to 2016, the DOJ said.

“Formosa repeatedly failed to comply with the chemical accident prevention provisions of the Clean Air Act at the Point Comfort plant, repeatedly placing their workers, neighbors and the environment in danger,” said Assistant Attorney General Todd Kim of the Justice Department’s Environment and Natural Resources Division.

The company said it has added a team of health and safety professionals to help ensure similar accidents don't happen in the future. Formosa has also increased staffing in its process safety management department, according to Ken Mounger, executive vice president.

"We believe that these actions, along with other steps, have greatly improved our overall process safety and risk management programs,” he said.

In 2019, Formosa agreed to pay $50 million to settle a lawsuit brought by Texas residents over allegations that the company spilled tons of pellets into waterways near the Gulf of Mexico.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source Associated Press News

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Analyst Recommendations on FORMOSA PLASTICS CORPORATION
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Financials
Sales 2021 261 B 9 383 M 9 383 M
Net income 2021 69 308 M 2 491 M 2 491 M
Net Debt 2021 33 346 M 1 198 M 1 198 M
P/E ratio 2021 10,3x
Yield 2021 7,05%
Capitalization 723 B 25 925 M 25 963 M
EV / Sales 2021 2,89x
EV / Sales 2022 2,97x
Nbr of Employees -
Free-Float 68,0%
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Technical analysis trends FORMOSA PLASTICS CORPORATION
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Mean consensus BUY
Number of Analysts 11
Last Close Price 113,50 TWD
Average target price 135,82 TWD
Spread / Average Target 19,7%
EPS Revisions
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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