Formosa Plastics Will Invest $1.5 Billion in U.S. and Taiwan

Formosa Plastics Group has plans to invest as much as $1.5 billion in the U.S. and Taiwan to meet the rising demand for chemicals and energy. Formosa Plastics owns the world's biggest processor of plastics for pipes and imitation leather, according to Bloomberg.com

Lee Chihtsuen, president of Formosa Plastics Corp., the group's oldest company, said the parent company may invest $1.1 billion in Texas over the next five years to expand chemical production and build a power plant, and as much as $400 million in Taiwan to boost chemical output.

Formosa Plastics Group is trying to gain market share from rivals such as Dow Chemical Co. in the U.S. and BASF AG in Germany. The company believes that U.S. economic growth will mean more demand for chemicals used in construction, computers and consumer products.