Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Taiwan
  4. Taiwan Stock Exchange
  5. Formosa Plastics Corporation
  6. News
  7. Summary
    1301   TW0001301000

FORMOSA PLASTICS CORPORATION

(1301)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Formosa Plastics : Court asked to stop work at Formosa Plastics' Louisiana site

07/14/2020 | 11:50am EDT

NEW ORLEANS — Opponents of a Taiwan-based company’s plans for a $9.4 billion plastics complex asked a federal judge on Tuesday to stop work at the site in Louisiana.

Planned construction would irreparably harm the community and environment by destroying wetlands, increasing chances of offsite flooding, and desecrating "grave sites of enslaved persons, which bear witness to both our country’s shameful past and the faith, resilience, and perseverance of the present-day St. James community,” according to the 55-page request.

Company spokesperson Janile Parks said the motion was meritless, “full of speculation and short on facts.” The current “limited and unintrusive” site preparation doesn't justify shutting down the entire project, she said Tuesday in a statement emailed by a public relations firm.

Groups represented by the Center for Biological Diversity made the request to the federal judge overseeing a lawsuit filed in January against the Army Corps of Engineers for approving wetlands permits for the project.

U.S. District Judge Randall D. Moss is likely to rule on the motion within weeks, Julie Teel Simmonds, an attorney for the centre, said in a news release.

The Corps cannot comment on pending litigation, spokesman Ricky Boyett said.

FG LA LLC, the Louisiana member of Formosa Plastics Group, plans 10 chemical plants and four other “major facilities” on 2,500 acres (1,000 hectares) in St. James Parish as what it calls The Sunshine Project after the nearby Sunshine Bridge.

The Corps took only a “cursory” look at the project's likely effects on wetlands and flooding rather than the “hard look” required by law, according to the motion filed for Rise St. James, Healthy Gulf and the Louisiana Bucket Brigade.

The permit lets FG LA fill in wetlands and low-lying areas with enough dirt to fill more than 45,000 dump trucks, damaging neighbouring wetlands and increasing the chances of flooding outside the site, according to the motion.

The claim leads off about 24 pages of allegations against the Corps.

“We expect to prevail in our lawsuit, and we don’t want Formosa to harm this community before we get our day in court,” Simmonds said.

The centre represents the same groups and others including the Sierra Club in a state court appeal of air quality permits.

“If they don’t stop this project, we won’t be able to live. We won’t be able to breathe the air without getting sick,” Sharon Lavigne, president of Rise St. James, said in the news release. “If the court cares about this community and wants to save our lives, it will stop this polluting chemical plant.”

Work begun so far includes highway improvements, soil testing, driving test pilings and utility relocation, Parks said Monday. Pipeline work needed to deepen and widen drainage areas and construction of a dock for contractors also is planned this summer, she said.

Her statement Tuesday noted that the company has protected the one area where graves were found and did not find any evidence of human remains at another area marked on old maps as a cemetery.

“FG will always be respectful of the burial remains discovered on its property,” she said.

Parks said other areas identified by project opponents as possible cemeteries “are anomalies –- like a tree, for example -– on historic aerial photographs that have never been shown on any historic map as a possible cemetery.” She said “shovel tests” in or near those areas have not found any human remains.

The company stopped all work in April and May because of the COVID-19 pandemic but now has safety procedures to avoid spreading the new coronavirus that causes the disease, it said in a notice sent to area residents.

The site is about 50 miles (80 kilometres) west-northwest of New Orleans and 30 miles (50 kilometres) south-southeast of Baton Rouge.

© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile

All news about FORMOSA PLASTICS CORPORATION
04/12MARKET CHATTER : Formosa Plastics' Units Reports Over $2 Billion in Q1 Profit Am..
MT
03/03FORMOSA PLASTICS  : Environmental racism in Louisiana's 'Cancer Alley', must end..
AQ
01/18MARKET CHATTER : Formosa Plastics to Invest Almost $4 Billion in Taiwan, US and ..
MT
01/06FORMOSA PLASTICS  : Judge drops suit since Corps reconsidering plastics complex
AQ
2020FORMOSA PLASTICS  : Delta's Data Center Solutions Help Formosa Plastics Group Cr..
AQ
2020SPECIAL REPORT : Plastic pandemic: COVID-19 trashed the recycling dream
RE
2020PLASTIC PANDEMIC : COVID-19 trashed the recycling dream
RE
2020TOKUYAMA  : Chemical maker Tokuyama to set up high-purity IPA venture in Taiwan
AQ
2020CORRECTION : Formosa Plastics-Louisiana story
AQ
2020FORMOSA PLASTICS  : Court asked to stop work at Formosa Plastics' Louisiana site
AQ
More news
Financials
Sales 2021 235 B 8 508 M 8 508 M
Net income 2021 47 888 M 1 732 M 1 732 M
Net Debt 2021 55 742 M 2 017 M 2 017 M
P/E ratio 2021 14,1x
Yield 2021 5,29%
Capitalization 659 B 23 784 M 23 836 M
EV / Sales 2021 3,04x
EV / Sales 2022 3,07x
Nbr of Employees -
Free-Float 66,5%
Chart FORMOSA PLASTICS CORPORATION
Duration : Period :
Formosa Plastics Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FORMOSA PLASTICS CORPORATION
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 12
Average target price 121,82 TWD
Last Close Price 103,50 TWD
Spread / Highest target 25,6%
Spread / Average Target 17,7%
Spread / Lowest Target 2,42%
EPS Revisions
Managers and Directors
NameTitle
Chien Nan Lin Chairman & General Manager
Chen Hsiao Lei Chief Financial Officer
Chi-Lin Wei Independent Executive Director
Ching Chi Wu Independent Director
Yen-Shiang Shih Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
FORMOSA PLASTICS CORPORATION7.37%23 784
LG CHEM, LTD.3.16%56 022
DOW INC.22.52%50 795
FORMOSA CHEMICALS & FIBRE CORPORATION1.30%18 117
HANGZHOU FIRST APPLIED MATERIAL CO., LTD.30.38%13 392
COVESTRO AG8.48%12 795