 2009-11-30 |
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(CNA Reporter Wei Shu, Taipei)
Today, ACHEM's major shareholder convened an extraordinary shareholders' meeting and successfully elected new directors and supervisors. Li Zhi-Xian, chairman of ACHEM's largest shareholder, YC, stated that the operations of YC and ACHEM are highly complementary, with combined revenue expected to reach NT$20 billion next year.
After a prolonged power struggle, ACHEM held its second extraordinary shareholders' meeting for the year 98, called jointly by Fuli Xin Company, supported by YC, and former ACHEM CEO Tan Zhao-Lin. The meeting resulted in the election of 5 directors and 2 supervisors.
Liao Cheng-Ching, the new chairman and general manager of ACHEM, mentioned that ACHEM and YC have significant complementary strengths: ACHEM specializes in tape coatings and cutting, while YC operates a fully integrated system from raw materials to sales, providing ample room for cooperation. There are also complementary aspects in product distribution; while YC has no factories in the U.S., ACHEM has a facility and market presence there. Conversely, YC has factories in Vietnam, which ACHEM lacks. In China, YC has a film plant in Ningbo, while ACHEM operates 29 locations across the country, highlighting a strong synergy between the two companies.
Li Zhi-Xian added that last year, YC's revenue was about NT$7.5 billion, while ACHEM's was approximately NT$10 billion. Since YC holds a 40% stake in ACHEM, the combined revenue for both companies is anticipated to exceed NT$20 billion next year. In terms of production, ACHEM has accepted outsourcing orders from the world's largest tape manufacturer, 3M of the United States, ensuring that the combined production of tapes remains the highest globally.
Regarding ACHEM's recent purchase of land in Pingtung for factory use, Liao Cheng-Ching believes the timing is inappropriate, as the land was hurriedly purchased just before the extraordinary shareholders' meeting. He questioned the legitimacy of the purchase, noting that ACHEM's Yangmei plant has ample unused land, and pointed out that ACHEM lacks the R&D technology for polyethylene (PE) and does not have sufficient funds.
As for whether the management faction will accept the election results from today's shareholders' meeting, YC's appointed lawyer stated that this is a legally approved election by the Ministry of Economic Affairs, and the board will demand a legitimate handover from the previous directors and supervisors. If the management faction refuses to comply, they will resort to legal action.
Li Zhi-Xian believes that over 1,000 listed companies in Taiwan are closely watching the outcome of today's shareholders' meeting at ACHEM, and if the handover cannot proceed smoothly, it may lead to ongoing unrest for these listed companies in the future. Liao Cheng-Ching also emphasized the importance of welcoming shareholders who can contribute positively to ACHEM's future operations. |
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