Sunspring Metal Corp (橋椿金屬), the world’s largest zinc faucet supplier, is to invest NT$3 billion (US$98.34 million) in Taiwan under a government plan to encourage local business investment, the Ministry of Economic Affairs said yesterday.
Sunspring, which previously invested NT$1.6 billion under the program to set up a manufacturing facility in Central Taiwan Science Park (中部科學園區), would use the investment, approved by the ministry, to expand the same facility.
The planned investment comes after the COVID-19 pandemic disrupted the company’s production in Guandong Province, China, the ministry said.
The company would add an additional 19 smart assembly lines at its Taichung plant as it seeks to meet rising market demand.
Similarly, Fushen Precision Co Ltd (復盛應用科技), aiming to increase production capacity in Taiwan, is to invest more than NT$500 million to expand an existing plant in Taoyuan, the ministry said.
As the world’s largest golf club head manufacturer, Fushen has production plants in Taiwan, China and Vietnam, but has decided to move the center of its business operations back to Taiwan following the US-China trade dispute last year.
The company plans to introduce smart manufacturing equipment along with automated production lines, while planning to produce higher value-added titanium products, the ministry said.
In a separate program also designed to encourage local investment, the ministry yesterday said that it had approved plans from Keding Enterprises Co Ltd (科定企業) and an unnamed wafer packaging firm.
Facing rising market competition, Keding, which makes wood panels and flooring, plans to invest more than NT$500 million to purchase smart production equipment, and boost its research and development division at its major facilities in the Chiayi Dapumei Precision Machinery Park (嘉義大埔美精密機械園區), the ministry said.
The unnamed wafer packaging firm, which makes color filters and microlenses, is to invest NT$10 billion to expand production to meet growing demand, the ministry said.
The ministry has to date approved applications from 399 Taiwanese companies that have pledged to invest up to NT$918.7 billion through three government programs.
Investments are expected to soon surpass NT$1 trillion as another 74 companies are preparing applications for review, the ministry said.
NOT ALL GOOD: Analysts warned that other data for last month might be less rosy due to the virus and analysts expect the PMI to contract again next month Chinese factory activity saw surprise growth last month as businesses went back to work following a lengthy shutdown, but analysts said that the economy faces a challenging recovery as external demand has been devastated by the COVID-19 pandemic, while the World Bank said that growth could screech to a halt. China is slowly returning to life after months of tough restrictions aimed at containing the virus, which put millions of people into virtual house arrest and brought economic activity to a near standstill. The strict measures saw a closely watched gauge of manufacturing plunge to its lowest level on record in February,
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