By Yu-huay Sun
(Corrects company name in third paragraph.)
Aug. 14 (Bloomberg) -- The global petrochemical industry may start to recover in 2010, a year earlier than previous projections, the Economic Daily News reported, citing Formosa Plastics Corp. Chairman Lee Chih-tsuen.
Competition may force older plants out of business, reducing supply, the Taipei-based, Chinese-language newspaper quoted Lee as saying.
Formosa Plastics is the world's second-largest maker of polyvinyl chloride, or PVC, used in construction and consumer goods such as handbags. Lee said in June petrochemical companies' earnings will be eroded by competition from China and the Middle East next year and 2010.
To contact the reporter on the story: Yu-huay Sun in Taipei ysun7@bloomberg.net
Thursday, August 14, 2008
Formosa Forecasts 2010 Recovery, Daily News Reports
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