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.
TRADE WAR: Tariffs should also apply to any goods that pass through the new Beijing-funded port in Chancay, Peru, an adviser to US president-elect Donald Trump said A veteran adviser to US president-elect Donald Trump is proposing that the 60 percent tariffs that Trump vowed to impose on Chinese goods also apply to goods from any country that pass through a new port that Beijing has built in Peru. The duties should apply to goods from China or countries in South America that pass through the new deep-water port Chancay, a town 60km north of Lima, said Mauricio Claver-Carone, an adviser to the Trump transition team who served as senior director for the western hemisphere on the White House National Security Council in his first administration. “Any product going
High above the sparkling surface of the Athens coastline, the cranes for building the 50-floor luxury tower centerpiece of Greece’s future “smart city” look out over the Saronic Gulf. At their feet, construction machinery stirs up dust. Its backers say the 8 billion euro (US$8.43 billion) project financed by private funds is a symbol of Greece’s renaissance after the years of financial stagnation that saw investors flee the country. However, critics see it more as a future “ghetto for the rich.” It is hard to imagine that 10km from the Acropolis, a new city “three times the size of Monaco”
STRUGGLING BUSINESS: South Korea’s biggest company and semiconductor manufacturer’s buyback fuels concerns that it could be missing out on the AI boom Samsung Electronics Co plans to buy back about 10 trillion won (US$7.2 billion) of its own stock over the next year, putting in motion one of the larger shareholder return programs in its history. South Korea’s biggest company would repurchase the stock in stages over the coming 12 months, it said in a regulatory filing on Friday. As a first step, it would buy back about 3 trillion won of paper starting today up until February next year, all of which it would cancel. The board would deliberate on how best to effect the remaining 7 trillion won of buybacks. The move
In a red box factory that stands out among the drab hills of the West Bank, Chat Cola’s employees race to quench Palestinians’ thirst for local products since the Gaza war erupted last year. With packaging reminiscent of Coca-Cola’s iconic red and white aluminum cans, Chat Cola has tapped into Palestinians’ desire to shun brands perceived as too supportive of Israel. “The demand for [Chat Cola] increased since the war began because of the boycott,” owner Fahed Arar said at the factory in the occupied West Bank town of Salfit. Julien, a restaurateur in the city of Ramallah further south,
RSS