To expand global operations, the Taiwan-based Feng Tay Enterprise Co., the world's leading sportswear contractor, recently announced its plan to invest US$16 million to set up a third plant in Vietnam, to be completed in the first quarter of 2015. In addition, Shoe Majesty, its affiliate in Vietnam, will add four production lines that will officially run in June of 2015.
Moreover, the company plans to funnel in NT$55 million (US$1.83 million) to enhance the R&D center in Taiwan's headquarters. C.H. Wang, Feng Tay's chairman, discloses that the first stage of the expansion of the center will be finished in November this year and the second stage is slated to break ground in September and be completed in June of next year, aiming at developing shoes for its major clients including Saloman, Cole Haan and Dr. Marten, in addition to Nike.
Moreover the board of the company has just given a green light for spending US$24.812 million or about NT$745 million to buy 34.74% stake in P.T. Feng Tay Indonesia Enterprises, its affiliate in Indonesia. The projected purchase will reportedly help boost Feng Tay's shareholding in the Indonesian affiliate up to 99.74%.
Last year Feng Tay's shipment presented an annual growth of 6% to 68 million pairs of finished shoes. Of which, 52% were generated by its plants in Vietnam and 18% by those in mainland China; while the operations in Indonesia and India contributed 14% and 16%, respectively.
Wang indicates that Feng Tay's plants in India shipped over 10 million pairs of shoes last year, sharply up 20% from the volume of a year earlier; and the footwear items generated in the country are mainly for Nike.
He adds that Feng Tay will slow down its expansion in Vietnam three years later and turn its spearhead to Indonesia and India instead. (JL)
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