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    1301   TW0001301000

FORMOSA PLASTICS CORPORATION

(1301)
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Mitsui Chemicals: Taiwan Joint Venture for Electrolyte Solution Starts Operations

09/14/2016 | 12:31am 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”), announced startup of its lithium-ion battery-use electrolyte solution production facilities.

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

Mitsui Chemicals, with Formosa Plastics, has exploited its extensive knowledge and cutting-edge technology to establish high-quality production and supply systems for electrolyte solutions to meet the needs of an expanding Chinese market.

In the Company’s midterm business plan, the mobility domain is targeted as a growth driver. As one of the growth leaders in this domain, Mitsui Chemicals eyes lithium-ion battery-use electrolytic solutions and is actively pursuing development in this area. With the startup of commercial operations at FMAC, Mitsui Chemicals will further strengthen and expand its electrolyte solution business with a focus on the mobility domain.

 

Outline of FMAC

1. Name

  Formosa Mitsui Advanced Chemicals Co., Ltd.

2. Establishment

August 2013

3. Capital

US$ 20.5 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 (to be increased in line with demand)
 

Outline of Formosa Plastics

1. Name   FORMOSA PLASTICS CORPORATION
2. Establishment November 1954
3. Capital US$ 1930 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 8 899 M 8 899 M
Net income 2021 54 533 M 1 952 M 1 952 M
Net cash 2021 3 061 M 110 M 110 M
P/E ratio 2021 11,9x
Yield 2021 6,12%
Capitalization 649 B 23 251 M 23 247 M
EV / Sales 2021 2,60x
EV / Sales 2022 2,85x
Nbr of Employees -
Free-Float 66,5%
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Mean consensus BUY
Number of Analysts 12
Last Close Price 102,00 TWD
Average target price 123,64 TWD
Spread / Average Target 21,2%
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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