In 1945, Mr. Yu-Ziang Hsu founded Far Eastern Manufacturing Company (FEMC) in Shanghai to produce the Skyscraper-brand knitting wear. This marked the beginning of the Far Eastern Textile business. In 1949, when the Nationalist government retreated to Taiwan, Far Eastern also relocated to the island, setting up its knitting factory.
Far Eastern Textile Ltd. (FETL), established in 1954, holds true to its tradition of “Sincerity, Diligence, Thrift and Prudence.” Corporate expansion led it to set up gradually stand-alone spinning, weaving, dyeing, and apparel factories. Year1965 marked the complete integration of the upstream, midstream and downstream processes into one vertically-integrated production chain. In 1979, Oriental Chemical Fiber Corporation merged with Far Eastern Textile to complete the combination of fiber and textile production. In 2008, the company acquired Oriental Petrochemical (Taiwan) Corporation for increased efficiency and competitive advantage through the integration of the petrochemical, polyester, fiber, spinning, weaving, dyeing, apparel manufacturing, and retail businesses.
With the opening of cross-Strait trade, the company entered the mainland China market. It established production centers in Shanghai, Suzhou, and Wuxi. Starting in apparel manufacturing, Far Eastern Textile has since developed its fiber, spinning, weaving, dyeing and petrochemicals businesses in China. The company has streamlined its business model over the last ten years and completed its business strategy for the cross-straits polyester and textile market. Far Eastern Textile continues to enhance its product structure by extending product applications to non-textile areas including electronics, food, automobiles, construction, medical supplies, and health products. Non-textile products now account for over 70% of the firms total product lines.
Far Eastern Textile is a world top-five polyester supplier, and one of the leading PET suppliers in Asia. Besides investing in its core business, Far Eastern Textile as the parent company of the Far Eastern Group has diversified its portfolio by investing in the cement, department stores, transportation, finance and telecommunications sectors to enhance shareholder value. Far Eastern Textile also has significant real estate land resources in Taipei, Banqiao, Neili, and Yilan, northern Taiwan, totaling more than 14.2 million square feet, of which over 7 million square feet is available for commercial development. Far Eastern Textile established Far Eastern Resource Development Co. to manage the Groups property development. The main development project in 2010 is Taipei Far Eastern Telecom Park (commonly called “Tpark”). Furthermore, land located in Yilan will be developed into a hotel resort with retail mall.
In October 2009, to reflect both the companys current structure and vision for the future, Far Eastern Textile Ltd. was renamed Far Eastern New Century Corporation (FENC). The company continues to instill its staff with new concepts and skills in the tradition of “Sincerity, Diligence, Thrift and Prudence”. With innovative thinking, superior technology, and managements commitment to excellence, FENC aims to continue its leadership in the polyester and textile industry, maximize the value of its property and equity holdings, and bring happiness and prosperity to our global community.