Stainless steel pipe manufacturer Froch Enterprise Co (彰源企業) is to invest more than NT$600 million (US$19.66 million) to set up a new plant in Yunlin County’s Douliou City (斗六), the Ministry of Economic Affairs said yesterday, as it added the firm’s application to the list of companies returning to invest in Taiwan.
A total of 154 companies have pledged up to NT$697.7 billion in investments since the ministry started a program in January to encourage Taiwanese firms to return and invest at home.
The ministry also announced that it has given the green light to four companies’ applications to invest more than NT$4.6 billion to take part in another government program aimed at encouraging local firms to deepen their roots in Taiwan while upgrading their businesses.
Taichung-based Gain How Printing Co (健豪印刷) plans to invest NT$1.3 billion by introducing smart production lines at a new plant in the Taichung Industrial Park (台中工業區) as it looks to sharpen its competitive edge, the ministry said.
As the trade conflict between the US and China weighs down on the steel industry, carbon steel pipe manufacturer Tension Steel Industries Co (天聲工業) plans to invest NT$1.2 billion by setting up a smart production facility to optimize and elevate its production process, the ministry said.
Wooden furniture hardware manufacturer Zyh Yin Enterprise Co (至盈實業), which supplies Swedish furniture retailer IKEA, is to invest more than NT$900 million by establishing a smart production plant in Kaohsiung’s Yanchao District (燕巢).
The company is also to transform its existing warehouse into a smart facility, the ministry said, adding that Zyh Yin would continue to work with the Industrial Development Bureau to apply artificial intelligence technology at its plant.
Automatic optical inspection specialist Machvision Inc Co (牧德科技), whose clientele covers about 90 percent of Taiwan’s printed circuit board makers, is to invest NT$1.2 billion to expand its production capacity at the Hsinchu Science Park (新竹科學園區) to support clients relocating to Taiwan, the ministry said.
The program, launched in July, has welcomed 24 companies’ applications, representing more than NT$54.1 billion in investments thus far, the ministry said.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
O2O BICYCLE SHOW: The Taiwan Bicycle Show next year is to be online to offline, with forums, audio-visual conferences and livestreaming of the offline events Local bicycle makers expect demand to continue outpacing supply due to orders triggered by the COVID-19 pandemic, with some companies seeing orders back up through next year. “Next year is all full in terms of orders. Our lead time on components is one year,” Giant Manufacturing Co Ltd (巨大機械) chairwoman Bonnie Tu (杜綉珍) told a news conference in Taipei organized by the Taiwan External Trade Development Council (TAITRA) to announce next year’s Taipei Cycle Show. The pandemic has reduced bicycle supplies and increased demand around the world, Robert Wu (吳盈進), chairman of KMC (Kuei Meng) International Inc (桂盟國際), one of the world’s