Yung Ching Wang, the founder of the Formosa Plastics Group, died at the age of 92 .
Chairman Wang was a great entrepreneur and a great humanitarian. Using a loan obtained from the U.S. government, in 1954 he founded a small company to produce polyvinyl chloride (PVC), the highly versatile plastic resin. Thanks to his vision and his philosophy of frugality, continuous improvement, and rationalization of operations, that small company has grown to be one of the largest industrial operations in the world. The Formosa Plastics Group makes products ranging from petrochemicals to integrated circuits to textiles and has operations in Taiwan, Mainland China, Indonesia, Vietnam and the United States. The highly integrated company now has annual sales of over $US 60 billion and over 94,000 employees.
Company operations in the United States began in 1978; its first grassroots, integrated manufacturing facility in the U.S. was built in 1981 at Point Comfort, Texas. To ensure the continuity of the Formosa Plastics Group, in 2006 Mr. Wang formed an Executive Management Center. It consists of seven experienced committee members who are responsible for the overall operation of the enterprise. During these past two years, the Executive Management Center has lived up to Mr. Wang’s expectations and has been able to lead the Group forward steadily and continuously.
Source: Formosa Plastics Corporation, USA
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