Wang Yung-tsai (王永在), cofounder of Formosa Plastics Group (FPG, 台塑集團), passed away at 11:15am yesterday with family members around him, the nation’s largest industrial conglomerate announced.
Wang, who died aged 93, is a younger brother of Wang Yung-ching (王永慶), the other founder of the group.
The younger Wang was called “the grand architect” of the group’s production site in Yunlin County’s Mailiao Township (麥寮) — which encompasses the nation’s sixth naphtha cracker, an oil factory, a power plant and a harbor — because he supervised its construction, which started in 1994, the group said.
Photo: CNA
The production site generates sales of NT$1.5 trillion (US$48.54 billion) a year, an official of the group, who declined to be named, told the Taipei Times by telephone.
Last year, the group, which employs about 100,000 workers, reported revenue of NT$2.45 trillion and said it expected the figure would increase to NT$2.6 trillion this year.
Wang Yung-tsai also helped the group to develop its electronic materials business, which includes Nanya Technology Corp (南亞科技) — the nation’s biggest DRAM chipmaker — and Inotera Memories Inc (華亞科技) — which is a joint venture between Micron Technology Inc of the US and Taoyuan-based Nanya Technology.
The younger Wang was in charge of the group after his brother retired in 2002. He retired himself as vice chairman of the group in 2006, handing over the company to seven people, including group chairman William Wong (王文淵), who is Wang Yung-tsai’s son; vice chairperson Susan Wang (王瑞華), who is Wang Yung-ching’s daughter; Wilfred Wang (王文潮), William Wong’s younger brother; and Sandy Wang (王瑞瑜), Susan Wang’s younger sister.
Before Formosa Plastics Group was founded in 1954, Wang Yung-tsai and his elder brother operated rice and lumber businesses together.
“Currently the group has many important ongoing projects,” William Wong said in an e-mail yesterday.”
“We hope that everyone in the group will learn the simple and diligent style and courage of the group’s two founders to accomplish the goals,” Wong said.
Wang Yung-tsai was five years younger than Wang Yung-ching, who passed away in 2008.
Financial Supervisory Commission Chairman William Tseng (曾銘宗) and Vice Minister of Economic Affairs Bill Cho (卓士昭) expressed gratitude to Wang Yung-tsai for his contribution to the nation’s economy.
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