Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Taiwan
  4. Taiwan Stock Exchange
  5. Formosa Plastics Corporation
  6. News
  7. Summary
    1301   TW0001301000

FORMOSA PLASTICS CORPORATION

(1301)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Army: Full environmental review of $9.4B plastics complex

08/18/2021 | 06:30pm EDT

NEW ORLEANS (AP) — A civilian Pentagon official ordered the Army Corps of Engineers on Wednesday to conduct a full environmental assessment of a $9.4 billionFormosa Plastics complex planned in Louisiana, drawing praise from environmentalists.

Jaime Pinkham, the Army's acting assistant secretary for civil works, ordered the review after a virtual meeting with opponents of a Corps wetlands permit that allowed Formosa Plastics Group member FG LA LLC to build 10 chemical plants and four other major facilities on the Mississippi River between Baton Rouge and New Orleans.

Critics praised the decision.

“The Army Corps has finally heard our pleas and understands our pain. With God’s help, Formosa Plastics will soon pull out of our community,” said a statement by Sharon Lavigne, who founded the local group Rise St. James to fight the planned complex announced in 2018.

Formosa, based in Taiwan, wants to produce polyethylene, polypropylene, polymer and ethylene glycol on 2,400 acres (970 hectares) in St. James Parish. Dubbed The Sunshine Project because it's near the Sunshine Bridge, the project is expected to provide 1,200 permanent jobs and up to 8,000 construction jobs, the state has said.

The Corps issued a permit in September 2019 to let FG LA dredge and fill wetlands and create detention ponds in wetlands, according to a lawsuit by opponents. It said the site includes more than 900 acres (364 hectares) of wetlands, of which nearly 62 acres (25 hectares) of wetlands and nearly 50 acres (20 hectares) of other waters would be permanently affected.

It could take years to put together a full environmental impact statement, Lavigne said in an interview.

She said she silently thanked God when Pinkham said he was planning the order.

“I had to touch myself to see if I’m real,” said Lavigne, who earlier this year was awarded a Goldman Environmental Prize honoring grassroots environmental activism.

Within an hour, she said, Pinkham's memo to the Corps' commanding general was posted on his office's Facebook and Twitter accounts.

Pinkham, who supervises and sets policy for the Corps' civil works, wrote that he is committed to having the Army “be a leader in the federal government’s efforts to ensure thorough environmental analysis and meaningful community outreach.”

The Corps needs "to thoroughly review areas of concern, particularly those with environmental justice implications,” Pinkham wrote.

Major construction has been on hold since the Corps agreed in November to reconsider its permit for the plants in Welcome, where the Census Bureau estimates that nearly 97% of the 880 residents are Black.

Pinkham’s tweet and letter provide little detail about what procedures the Corps intends to use, said an emailed statement from FG LA. “The company will continue to work with the Corps as we receive more guidance on the additional evaluation and has no further comment at this time," it said.

The memo does not identify the Corps' commanding general. He is Lt. Gen. Scott A. Spellmon, according to the agency's website.

One of the people who challenged the permit, Julie Teel Simmonds of the Center for Biological Diversity, said the decision was a step toward greater oversight even if the permit wasn't scrapped.

“Although it does not revoke the permit, it at least lays out the proper process for an adequate environmental review of the project, which the Corps failed to do before,” Simmonds said in an email.

© 2021 The Canadian Press. All rights reserved., source Canadian Press DataFile

All news about FORMOSA PLASTICS CORPORATION
09/29IMPERIAL COLLEGE LONDON : Biodegradable plastics startup Polymateria secures $100 million ..
AQ
09/15FORMOSA PLASTICS : Texas company to pay nearly $3M for Clean Air Act violations
AQ
09/13FORMOSA PLASTICS : to pay nearly $3 mln to settle air pollution charges
RE
08/18ARMY : Full environmental review of $9.4B plastics complex
AQ
08/18FORMOSA PLASTICS : U.S. Army orders environmental review of Louisiana plastics project
RE
08/18FORMOSA PLASTICS : U.S. Army orders environmental review of Louisiana plastics project
RE
08/11Formosa Plastics Corporation Reports Earnings Results for the Second Quarter Ended June..
CI
07/30FORMOSA PLASTICS CORPORATION : Ex-dividend day for final dividend
FA
07/29Formosa Plastics Corporation Resolved Appointment of the Remuneration Committee Members
CI
07/29Formosa Plastics Corporation Announces Audit Committee Members
CI
More news
Analyst Recommendations on FORMOSA PLASTICS CORPORATION
More recommendations
Financials
Sales 2021 261 B 9 325 M 9 325 M
Net income 2021 69 308 M 2 475 M 2 475 M
Net Debt 2021 33 346 M 1 191 M 1 191 M
P/E ratio 2021 10,5x
Yield 2021 6,95%
Capitalization 732 B 26 140 M 26 144 M
EV / Sales 2021 2,93x
EV / Sales 2022 3,01x
Nbr of Employees -
Free-Float 68,0%
Chart FORMOSA PLASTICS CORPORATION
Duration : Period :
Formosa Plastics Corporation Technical Analysis Chart | 1301 | TW0001301000 | MarketScreener
Technical analysis trends FORMOSA PLASTICS CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Last Close Price 115,00 TWD
Average target price 135,82 TWD
Spread / Average Target 18,1%
EPS Revisions
Managers and Directors
Chien Nan Lin Chairman & General Manager
Chen Hsiao Lei Chief Financial Officer
Chi-Lin Wei Independent Executive Director
Ching Chi Wu Independent Director
Yen-Shiang Shih Independent Director
Sector and Competitors
1st jan.Capi. (M$)
FORMOSA PLASTICS CORPORATION18.78%26 027
LG CHEM, LTD.1.46%52 230
DOW INC.6.23%43 664
HANGZHOU FIRST APPLIED MATERIAL CO., LTD.95.74%20 353
FORMOSA CHEMICALS & FIBRE CORPORATION-2.13%17 314
COVESTRO AG15.45%13 060