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.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
BIG BUCKS: Chairman Wei is expected to receive NT$34.12 million on a proposed NT$5 cash dividend plan, while the National Development Fund would get NT$8.27 billion Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday announced that its board of directors approved US$15.25 billion in capital appropriations for long-term expansion to meet growing demand. The funds are to be used for installing advanced technology and packaging capacity, expanding mature and specialty technology, and constructing fabs with facility systems, TSMC said in a statement. The board also approved a proposal to distribute a NT$5 cash dividend per share, based on first-quarter earnings per share of NT$13.94, it said. That surpasses the NT$4.50 dividend for the fourth quarter of last year. TSMC has said that while it is eager
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
RSS