The Ministry of Economic Affairs yesterday approved another eight applications by small or medium-sized enterprises (SME) to participate in a government program to stimulate investment in Taiwan.
The program has recruited 68 SMEs with investment pledges exceeding NT$32.9 billion (US$1.08 billion) alongside 2,776 job opportunities, the ministry said.
Lying Environmental Technology Co (立盈環保科技), which turns calcium fluoride waste from the production of integrated circuits, thin-film transistor LCDs and solar cells into fluoride minerals for the steel industry, plans to invest NT$40 million to build an automated production line at its existing plant in Taoyuan’s Pingjhen District (平鎮), the ministry said.
The move to expand capacity came after upstream firms, including Taiwan Semiconductor Manufacturing Co (台積電), Winbond Electronics Corp (華邦電) and Powerchip Semiconductor Corp (力晶半導體), lifted production, the ministry said, adding that Lying has obtained orders from local steelmakers China Steel Corp (中鋼) and Yieh United Steel Corp (燁聯鋼鐵).
Local toolmaker Shin Yung Shing Industry Co Ltd (信永興工業), which supplies Connecticut-based Stanley Black & Decker Inc through its subsidiary Besco Pneumatic Corp (偉全企業), is to invest NT$350 million to set up a new plant in Taichung’s Dali District (大里), as its US customer has allocated its nail gun orders to Besco, the ministry said.
Tool component forger Chaung Chien Co Ltd (忠鍵工廠), which also supplies Stanley Black & Decker through its subsidiary Stanley Chiro International Ltd (史丹利七), plans to invest NT$340 million to build a molding department and smart production process at its existing plant, the ministry said.
Bathroom and kitchen zinc alloy accessories manufacturer Domma Metal Industrial Co (東鎮金屬), which counts US firm Moen Inc, Toto Ltd in Japan and Reece Ltd in Australia among its major customers, is to invest more than NT$500 million to add smart machines and automated warehouse equipment at its plant in Taichung’s Waipu District (外埔) as it looks to focus on producing accessories with safety features, the ministry said.
Domma’s activity would create about 80 job opportunities, it said.
Ting Sin Co Ltd (廷鑫興業), which specializes in aluminum alloy products, plans to invest more than NT$600 million to purchase smart machinery equipment to produce advanced aluminum alloy and medical-use magnesium alloy, the ministry said, adding that it would create 46 job opportunities.
Polyvinyl fluoride laminated steelmaker Meng Sin Material Co (盟鑫金屬) is to invest NT$180 million to add a smart production line to its existing plant in Pingtung County’s Fangliao Township (枋寮), while setting up a research and development center, the ministry said.
Precision Motion Industries Inc’s (銀泰科技) subsidiary Exfiro Co (佳圓軸承), which makes high-precision roller pins, plans to invest NT$170 million to expand production capacity at its plant in Pingzhen, it said.
Golden Spirit Co (國韶實業), a sales agent for detergent supplier Metrex Research LLC of California, is to invest more than NT$200 million to set up the nation’s first smart pharaceutical warehouses in Taoyuan, Changhua County and Kaohsiung, the ministry said.
STEPPING UP: The firm has also asked employees to work in split shifts from this week and to halt all but essential overseas business travel from next month Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has implemented a remote work policy for employees not on production lines in an attempt to curb the spread of COVID-19, the world’s largest contract chipmaker said yesterday. This is the first time in the Hsinchu-based company’s history that it has launched a large-scale remote work policy, joining global technology companies, such as Apple Inc and Google, that encourage employees to work from home. The chipmaker has also asked employees to work in split shifts from this week, it said. As the number of virus infections continues to climb worldwide, TSMC has urged employees to halt unnecessary
A two-hour drive south of Amsterdam in Veldhoven, workers decked out head-to-toe in protective gear toil in vast assembly halls. Before entering the inner sanctuary of the facilities, they meticulously layer on masks, gloves and special socks. A single speck of dust or a hair can have devastating effects on production. The result of all this painstaking process is an environment that is 10,000 times more purified than outside. As COVID-19 grips the world, it might just be the safest place to work right now. The teams belong to ASML Holding NV, which holds a de facto monopoly on the industry of
DBS Bank Ltd yesterday hacked its GDP growth forecast for Taiwan this year to 0.9 percent, down from its estimate of 2.3 percent two months earlier, in light of the COVID-19 pandemic and increasing financial market volatility. The bank’s latest forecast was even lower than London-based IHS Markit Ltd’s estimate of 1 percent, while other research institutes’ projections range from 1.6 percent to 2.6 percent. Taiwan’s economic momentum is being negatively affected by the pandemic, DBS said. The rapid spread of the disease from Asia to Europe and the US has dampened the bank’s previous expectation of a “V-shaped” global rebound in the
DOWNSIDE RISKS: Firms have a ‘very low’ chance of boosting investment returns in the next two years, making it hard for them to improve their capitalization, an analyst said Taiwanese life insurers wanting to improve their capital structure face strong headwinds this year, given prolonged low interest rates and economic impacts derived from trade protectionism and the COVID-19 pandemic, Taiwan Ratings Corp (中華信評) said on Friday. The local life insurance sector also still has high asset risks and such risks are susceptible to market volatility, the local arm of Standard & Poor’s Global Ratings said. Since last year, major financial holding companies — including CTBC Financial Holding Co (中信金控), Cathay Financial Holding Co (國泰金控) and Shin Kong Financial Holding Co (新光金控) — have announced plans to raise fresh capital to