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.
Merida Industry Co (美利達) has seen signs of recovery in the US and European markets this year, as customers are gradually depleting their inventories, the bicycle maker told shareholders yesterday. Given robust growth in new orders at its Taiwanese factory, coupled with its subsidiaries’ improving performance, Merida said it remains confident about the bicycle market’s prospects and expects steady growth in its core business this year. CAUTION ON CHINA However, the company must handle the Chinese market with great caution, as sales of road bikes there have declined significantly, affecting its revenue and profitability, Merida said in a statement, adding that it would
MARKET LEADERSHIP: Investors are flocking to Nvidia, drawn by the company’s long-term fundamntals, dominant position in the AI sector, and pricing and margin power Two years after Nvidia Corp made history by becoming the first chipmaker to achieve a US$1 trillion market capitalization, an even more remarkable milestone is within its grasp: becoming the first company to reach US$4 trillion. After the emergence of China’s DeepSeek (深度求索) sent the stock plunging earlier this year and stoked concerns that outlays on artificial intelligence (AI) infrastructure were set to slow, Nvidia shares have rallied back to a record. The company’s biggest customers remain full steam ahead on spending, much of which is flowing to its computing systems. Microsoft Corp, Meta Platforms Inc, Amazon.com Inc and Alphabet Inc are
RISING: Strong exports, and life insurance companies’ efforts to manage currency risks indicates the NT dollar would eventually pass the 29 level, an expert said The New Taiwan dollar yesterday rallied to its strongest in three years amid inflows to the nation’s stock market and broad-based weakness in the US dollar. Exporter sales of the US currency and a repatriation of funds from local asset managers also played a role, said two traders, who asked not to be identified as they were not authorized to speak publicly. State-owned banks were seen buying the greenback yesterday, but only at a moderate scale, the traders said. The local currency gained 0.77 percent, outperforming almost all of its Asian peers, to close at NT$29.165 per US dollar in Taipei trading yesterday. The
The US overtaking China as Taiwan’s top export destination could boost industrial development and wage growth, given the US is a high-income economy, an economist said yesterday. However, Taiwan still needs to diversify its export markets due to the unpredictability of US President Donald Trump’s administration, said Chiou Jiunn-rong (邱俊榮), an economics professor at National Central University. Taiwan’s exports soared to a record US$51.74 billion last month, driven by strong demand for artificial intelligence (AI) products and continued orders, with information and communication technology (ICT) and audio/video products leading all sectors. The US reclaimed its position as Taiwan’s top export market, accounting for
RSS