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Formosa Closes 28 Plants Following Fires; Market Disruptions Expected (update)

3:29 AM MDT | August 1, 2011 | Natasha Alperowicz

Formosa Plastics has been ordered to close 28 major manufacturing facilities at Mailiao, Taiwan following the seventh fire to break out there in recent weeks, local sources tell CW. The latest fire occured on July 30. The closures, for an unspecified period of time to allow a thorough inspection of all of the facilities by third parties, are expected to cause major market disruptions, particularly in Asia, CW has learned. They come after Taiwan's President Ma requested that the government asses the difficulties at the Mailiao site. The government...

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