Li Peng Enterprise Co Ltd (力鵬), which makes nylon products, said yesterday that it will become the world’s largest nylon maker after it completes its expansion to increase capacity by 180,000 tonnes of nylon a year next year.
“We are building one more production line, and after the expansion, our capacity will increase to 580,000 tonnes of nylon a year, replacing BASF SE as the world’s largest nylon maker,” Li Peng president Jonathan Lin (林文仲) told reporters yesterday on the sidelines of a press conference to introduce the Taipei Innovative Textile Application Show.
Li Peng will join the textile exhibition, which is to take place at the Taipei World Trade Center Nangang Exhibition Hall from today through Thursday, with 747 booths set up by 359 companies.
Photo: Mandy Cheng, AFP
Lin expects the new production line will contribute to Li Peng’s revenue starting the third quarter next year.
Meanwhile, the company is also building a dying and finishing plant in Yangmei, Taoyuan County, enabling it to sell finished fabrics to its clients.
“Our Japanese clients can purchase fabrics directly from us and ship them to Southeast Asia,” Lin said.
Lin forecast that the dying and finishing plant could raise the company’s revenue by NT$10 billion (US$340 million) in 2015.
From January through last month, Li Peng posted revenue of NT$19.77 billion, up 0.69 percent from NT$19.63 billion a year ago, according to the company’s filing to the Taiwan Stock Exchange.
“We have not felt the pressure of declining market sentiment as some of our peers faced,” Lin said.
During the first six months of the year, the company registered a profit of NT$561.02 million, up from the losses of NT$508.08 million a year ago, when the company suffered from low nylon prices, the filing showed.
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
Meta Platforms Inc offered US$100 million bonuses to OpenAI employees in an unsuccessful bid to poach the ChatGPT maker’s talent and strengthen its own generative artificial intelligence (AI) teams, OpenAI CEO Sam Altman has said. Facebook’s parent company — a competitor of OpenAI — also offered “giant” annual salaries exceeding US$100 million to OpenAI staffers, Altman said in an interview on the Uncapped with Jack Altman podcast released on Tuesday. “It is crazy,” Sam Altman told his brother Jack in the interview. “I’m really happy that at least so far none of our best people have decided to take them
PLANS: MSI is also planning to upgrade its service center in the Netherlands Micro-Star International Co (MSI, 微星) yesterday said it plans to set up a server assembly line at its Poland service center this year at the earliest. The computer and peripherals manufacturer expects that the new server assembly line would shorten transportation times in shipments to European countries, a company spokesperson told the Taipei Times by telephone. MSI manufactures motherboards, graphics cards, notebook computers, servers, optical storage devices and communication devices. The company operates plants in Taiwan and China, and runs a global network of service centers. The company is also considering upgrading its service center in the Netherlands into a
RSS