Wang Yung-Ching, Founder Of Formosa Plastics, Dies

Wang Yung-ching, founder of Taiwan's Formosa Plastics Group, died in his sleep on Oct. 15 while on a business trip in New Jersey. He was 92 years old. Wang had stepped down from all of his management responsibilities at Formosa Plastics two years ago (C&EN, June 12, 2006, page 9).

The second richest man in Taiwan, according to the business magazine Forbes, Wang was born in 1917 into a family of poor tea farmers. He never studied beyond elementary school, and he entered the business world as an apprentice in a rice shop at age 15. In 1954, he founded Formosa Plastics by building in Taiwan what was then the world's smallest polyvinyl chloride plant.

Although Wang mostly shied away from media interviews, he authored many business books in which he shared his folksy business principles. One of his ideas was that anyone who enters the ice cream business should do so in the winter months in order to learn to survive when conditions are poor. His books are full of advice on cutting costs and how to "win" in business.

With annual chemical sales exceeding $26 billion, Formosa Plastics is the world's 10th largest chemical company, according to C&EN's annual ranking of the world's largest chemical firms (C&EN, July 28, page 19). Managed by relatives of Wang, as well as a corps of professionals, the Formosa companies extend beyond polyvinyl chloride into a wide range of industrial materials, as well as power, oil refining, shipping, and even hospital management. In addition to its core operations in Taiwan, the group has extensive holdings in China and the U.S.

Memorial rooms for Chairman Wang are open to the public from 9 AM to 5:30 PM at each of Formosa Plastics' facilities in the U.S. They will remain open until a funeral is held in Taiwan. Formosa Plastics' U.S. headquarters are in Livingston, N.J.