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Wei Chuan Foods continues expansion despite economic uncertainty

Wei Chuan Foods continues expansion despite economic uncertainty

Taipei, Jan. 9 (CNA) Wei Chuan Foods Corp.'s expansion plans across the Taiwan Strait will not be deterred by uncertainty over the global economy, the company's chairman said recently, with products such as milk, beverages and salad dressing expected to drive growth. Wei Chuan Chairman Wei Yin-chun said Sunday at the company's year-end dinner party that his company is determined to position itself during the down cycle in a way that will leave it well-prepared to grow when the market stages a rebound. Wei said milk production at its Taiwan production base is expected to grow 8 percent this year from a year earlier, while a Japanese style salad dressing plant and a beverage factory in China are scheduled to start operations in February and May, respectively. Also, a new bread production base in Shanghai became operational last year, rolling out products under the brand name Wei Chuan Pasco. Wei remained cautious about the local economy's prospects in the first half of 2012 because of the ongoing debt crisis in Europe, but he expected a recovery to begin in the third quarter. Despite the weakening global economy, Wei Chuan will give a 4 percent pay raise to its employees based in Taiwan and a 10 percent wage hike to its workers based in China in 2012, Wei said. In addition, Wei said the company will collaborate with academic circles and research institutes to train new employees. Meanwhile, Wei said Wei Chuan is planning a property development project in Xinzhuang District in New Taipei on a plot of old factory land. While local property prices have come under pressure since the government introduced the luxury tax to curb speculation, Wei said he believed the new project would benefit from the mass rapid transit Xinzhuang Line connecting the suburb to Taipei that opened last week. Wei said work on the project is scheduled to start in 2014 and be completed in 2017. (By Chao Hsiao-hui and Frances Huang)


Updated : 2021-01-24 11:32 GMT+08:00