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Formosa Group co-founder dies aged 93 (update)

2014/11/27 19:06:38

Taipei, Nov. 27 (CNA) One of the co-founders of Formosa Plastics Group (FPG), Wang Yung-tsai, died Thursday "of old age" at the age of 93, according to an announcement from the company.

Wang, also known as Y.T. Wang, and his elder brother Wang Yung-ching, the other co-founder of FPG, set up Formosa Plastics Corp., the flagship company of the group, in 1954, and then opened other subsidiaries of the group in the ensuing years.

Both brothers retired from FPG in 2005 and an executive committee succeeded them in running the group.

Y.T. Wang, born Jan. 24, 1921, was five years younger than his brother, who passed away in 2008. Between them, they worked hard to build FPG, a petrochemical conglomerate that became one of Taiwan's biggest enterprises.

The most impressive achievement of Y.T. Wang was to build the sixth naphtha cracking plant in Mailiao, Yunlin County, the largest petrochemical complex in Taiwan and a driver of FPG's revenue growth year after year.

The sixth naphtha cracking plant was built on a sprawling piece of reclaimed land and even boasts its own port for product deliveries.

Shuttling between Taipei and Yunlin every week, Y.T. Wang oversaw construction of the sixth naphtha cracking plant, which began operations in 1998 after six years of construction. He earned himself the nickname "head engineer" of the plant.

Since the sixth naphtha cracking plant made a big contribution to FPG, Wang won trust of his elder brother to run the day-to-day operations of the group.

Whenever the elder Wang made a decision on FPG's operations, it would be the younger of the two who would implement it.

Y.T. Wang was a gentle man and never hesitated to encourage his staff when they encountered difficulties during work. He set up a unique leadership style for FPG.

Tseng Ming-chung, chairman of the Financial Supervisory Commission, Taiwn's top financial regulator, expressed gratitude to Wang for his contribution to Taiwan's economy.

Vice Economics Minister Cho Shih-chao said that his death is a big loss for the country, but that he expects little impact on FPG's day-to-day operations as its executive committee has been running the group smoothly for almost a decade.

(By Pan Chi-i, Wu Ching-chun, Lin Meng-ju and Frances Huang)