Issue Date: October 27, 2008
Formosa Founder Wang Dies At 92
Wang Yung-Ching, 92, founder of Taiwan's Formosa Plastics Group, died in his sleep on Oct. 15 while on a business trip in New Jersey. He had stepped down from the company two years ago. The second richest man in Taiwan, according to Forbes magazine, Wang was born in 1917 into a family of poor tea farmers. He entered the business world as an apprentice in a rice shop at age 15. In 1954, he founded Formosa Plastics by building what was then the world's smallest polyvinyl chloride plant. With annual chemical sales exceeding $26 billion, Formosa Plastics today is the world's 10th largest chemical company, according to C&EN's annual ranking (C&EN, July 28, page 19).
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