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User:Nfangl/Far Eastern Group

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Far Eastern Group
Founded1949
HeadquartersTaipei, Taiwan
Area served
Worldwide
Key people
Douglas Hsu
(Chairman) & (CEO)
Websitefeg.com.tw

Far Eastern Group (FEG) is one of Taiwan's largest conglomerates that consists of over 220 affiliated companies. With total assets surpassing NT$1,537.1 billion (US$46.6 billion), annual revenues exceeding NT$519.9 billion (US$15.8 billion), and 600,000 shareholders, its businesses span ten major industries. Headquartered in Taipei, the Group manufactures and markets high-quality products and offers diversified services while focusing on environmental protection and the conservation of natural resources. With the company's guiding principle of "trustworthiness," FEG has expanded its businesses into many countries, including China and Canada.[1]

History and Development

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The Far Eastern Group was founded by Y.Z. Hsu, who originally had started out in textile manufacturing in 1945. He then moved to Taiwan and started the group in 1949. Through continuous investments and expansions, the Group has established operations in over 10 major industries and has achieved vertical and horizontal integration. [2] Since the conglomerate's establishment, they have followed a motto based on their founder's philosophy of "trustworthiness." Founder Hsu has enshrined:

Sincerity - "Customers, the general public, and colleagues must all be treated with sincerity; cooperation and teamwork must be based on mutual trust"
Diligence - "Everyone must always work diligently to renew themselves and the company. With diligence we may make up for ou inadequacies and overcome hardships"
Thrift - "Live a somple life and cherish your blessings; thus one may live a happy life with few earthly desires"
Prudence - "Always make a careful assessment before undertaking any task; those who plan ahead are those who will succeed"[3]

And when Chairman Douglas Hsu became the head of the company, the CEO added "Innovation" to the Group's motto in order to emphasize the importance of keeping pace with the changing world. [1]

Operations

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Far Eastern Group uses one of the two towers in the Taipei Metro Complex as its headquarters. The energy-saving building uses an ice storage system to cool the facility that is located in Taipei.[1]

Management and Staff

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The company has over 50,000 employees in more than 10 countries.[4] With Chairman Douglas Hsu at the helm, Far Eastern Group's management team consists of multinational, inter-cultural leaders to lead their diverse companies. Their management team consists of: Johnny Shih (Vice Chairman and President of FENC), Tsai-Hsuing Chang (Executive Board's Director of ACC), K.Y. Lee (President of ACC), Nancy Hsu (President of FEDS), Alex Kuo (President of OUCC), Choo-Kiat Ong (President of U-Ming Marine Transport Corp.), Ching-Lai Yeh (President of EVT), Ching-Ing Hou (Chairperson of FEIB), Eli Hong (President of FEIB), Jan Nilsson (Vice Chairman and President of FET), Shaw Y. Wang (Group Foundation Exec. Director), Shu-Hsun Chu (Director and President of FEMH), Tsong-Pyng Perng (President of YZU).

Companies

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With over 220 companies, the group's business spans over ten major industries. Its most notable companies include Far Eastern New Century Corporation, U-Ming Marine Transport Corp., Asia Cement Corporation, Far Eastern Department Stores Ltd., and Far EasTone Telecommunications Co., Ltd.

The ten major industries and major enterprises are:

  1. Cement and Building Materials
    1. Asia Cement Corporation*
    2. Asia Cement (China) Holdings*
  2. Construction
  3. Communications and Internet
    1. Far EasTone Telecommunications Co., Ltd.*
  4. Polyester and Synthesis Fiber (Textile)
    1. Far Eastern New Century*
    2. Everest Textile*
  5. Petrochemical and Energy
    1. Oriental Union Chemical Corporation*
  6. Sea and Land Transportation
    1. U-Ming Marine Transport Corp.*
  7. Hotel
    1. Shangri-La's Far Eastern Plaza Hotel Taipei
  8. Retail and Department Store
    1. Far Eastern Department Stores Ltd.*
    2. Pacific SOGO Department Store Co., Ltd.
  9. Financial Services
    1. Far Eastern International Bank*
  10. Social Responsibility (See Below)
    1. Far Eastern Memorial Foundation
    2. Yuan Ze University
    3. Oriental Institute of Technology
    4. Far Eastern Memorial Hospital
  *denotes the company as one of the nine companies that are listed in Taiwan and abroad.


Future Projects

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Far Eastern Group is planning to open TPark, the Taipei Far Eastern Telecom Park, in 2010. In 2002, the company decided to transform their Ban-Chiao Factory to the multi-billion US dollar Telecom Park that is environmentally friendly through its ecological environment and water recycling features.[1] TPark provides a professional R&D Center amidst innovative architecture and 24 hectare of park-like outdoors. Leading researching institutes will reside at the park as its residents. Thus, the telecom park will be efficient by providing a space for cooperation between researchers while keeping costs down.[5] TPark will be Taiwan’s first privately designed and developed telecommunications science park.[1]

Social Responsibilities

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FEG has a wide field of activities in the social responsibility sector, dedicating itself to good corporate citizenship. It has opened two universities, including Yuan Ze University, to foster industrial technology specialists. Yuan Ze University earned the National Quality Award in 2003.[6] Notably, through the initiation by FEG founder Y.Z. Hsu, the company established Far Eastern Memorial Foundation in 1976 and Far Eastern Medical Foundation in 1977. The foundations sponsor many activities including educational and technological events, building hospitals, providing emergency medical care, and more. Upon the death of Y.Z. Hsu in 2000, the Far Eastern Y.Z. Hsu Science and Technology Foundation was set up to encourage high-tech R&D by rewarding and cultivating technological innovation in R&D.[1]

The Far Eastern Memorial Hospital was also established in Taipei in 1981. The hospital is the largest center in Taipei county and is also renown for its treatment for cardiovascular diseases. The hospital is planning to continue expansion by building a new wing to serve the community. The hospital has earned its second National Quality Award in 2008.[1][6]

With the conglomerate's dedication to enhance harmony and balance between people and the environment, FEG places emphasis on architecture improving quality of life. Thus, the Far Eastern Architectural Design Award is sponsored by the Far Eastern Memorial Foundation to encourage architects to enhance living environment every year.[1]

EcoARK

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Far Eastern Group dedicated itself to sponsor the Taipei International Flora Exposition hosted by the Taipei City Government. FEG donated US$6 million[1] to build the three-story Far Eastern EcoARK, which is made out of 1.5 million recycled plastic bottles. The exhibition hall was built to raise awareness in recycling. The building will be donated to city government as the fashion pavilion for the Flora Expo. The transparent walls of the EcoARK are built entirely of interlocking plastic bottles. The innovative building includes an amphitheater and a museum space.[7] It is an innovative green building that is powered by wind and solar energy and it also uses collected rain water for air conditioning.[8] The interlocking clear PET bottle bricks, also known as polli-bricks, are strong enough to withstand major storms and earthquakes[9], while providing a brilliant, energy-efficient light display within the walls.

References

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  1. ^ a b c d e f g h i Forbes Article, Far Eastern Group Celebrating 60 Years.
  2. ^ Chairman's Message
  3. ^ Founding Spirit
  4. ^ Business Goals
  5. ^ TPark Official Site.
  6. ^ a b Company Responsibility
  7. ^ China Post, EcoARK.
  8. ^ Taipei International Flora Exposition.
  9. ^ FEG Press-EcoARK, "Taiwan builds plastic bottle structure".
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[[:Category::Companies of Taiwan]]

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