Yuen Foong Yu Consumer Products Co (永豐餘消費品實業) has pledged to invest NT$1.9 billion (US$60.96 million) in Taiwan to expand its capacity to manufacture toilet paper, inner layers for masks and cleaning products, the Ministry of Economic Affairs said on Friday.
The company has gained approval from the InvesTaiwan Service Center to participate in a government incentive program as it is planning to build a new factory in Taichung’s Cingshui District (清水) and install smart production lines at its plant in Taoyuan’s Yangmei District (楊梅), the ministry said.
Yuen Foong Yu, a unit of YFY Inc (永豐餘控股), sells its products in Taiwan and China. The company is the largest household paper maker in Taiwan, owning the brands Mayflower, Delight and Tender. It also sells kitchen paper towels and interfold tissue under a Mayflower sub-brand in China.
Photo: Peter Lo, Taipei Times
The firm has in the past few years also made inroads into the high gross margin cleaning product segment through its natural cleaning product brands Fresh Sense and Orange House in the two countries.
Apart from meeting growing consumer demand through the construction of new manufacturing facilities, the company also aims to be more environmentally friendly, the ministry said, adding that the new Cingshui plant would have solar power generation systems installed on its roof.
The company is committed to better waste management at its plants to address sustainable production, and plans to convert recycled materials and surplus materials into alternative fuels for boilers to ensure that resources are reused effectively, the ministry said.
The company also proposed increasing the reuse rate of recycled water and build paper recycling systems at its plants, it added.
Yuen Foong Yu posted revenue of NT$7.39 billion in the first three quarters of this year, up from NT$7.25 billion a year earlier, while net profit fell to NT$552.48 million, from NT$832.04 million. Earnings per share were NT$2.07 in the first three quarters, down from NT$3.39 a year earlier, company data showed.
Proposed investments by sheet metal producer Yeong Jye Co (永傑空調機械) and Primo Biotechnology Co (普瑞默生物科技) were also approved by the InvesTaiwan Service Center, as the two firms are planning to construct new manufacturing facilities, the ministry said.
The Invest in Taiwan initiative has to date attracted 1,279 companies to invest more than NT$1.82 trillion and create 140,758 local jobs, the ministry added.
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