Formosa Plastics plans $13.25 bln overseas expansion - media

TAIPEI Tue Jan 14, 2014 7:58pm EST

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TAIPEI Jan 15 (Reuters) - Formosa Plastics Group, Taiwan's top plastics conglomerate, will invest $13.25 billion in overseas expansion this year, its biggest annual capital budget in five years, Taiwanese media reported on Wednesday.

The group, whose main units include Formosa Plastics Corp and Nan Ya Plastics, plans to expand in China and Vietnam and build a petrochemical project in Texas, the Commercial Times and the Economic Daily said.

Formosa Plastics Corp, the flagship unit, posted a pre-tax profit of T$23 billion ($767 million) with sales of T$215.4 billion, the Commercial Times said.

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