|
|
Article: Far Eastern Textile and Filysn enter merger pact. (textile and polyester manufacturers)
- Article from:
- WWD
- Article date:
- September 6, 1989
- Author:
CopyrightCOPYRIGHT 1989 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
FAR EASTERN TEXTILE AND FILSYN ENTER MERGER PACT
HONG KONG (FNS) -- Far Eastern Textile, Ltd., the Taiwanese textile giant, has entered a multimillion-dollar merger with Filsyn Corp., the Philippines' sole polyester producer.
A spokesman for Filsyn said Far Eastern initially will inject $150 million to automate and expand Filsyn's production facilities.
Far Eastern also has pledged to invest another $300 million over the next few years to meet expected growing demand from Philippine textile mills, the spokesman said.
The merger went through after Filysn doubled its paid-up capital to one billion pesos ($45.9 million). An earlier merger ...