LONDON Formosa Plastics Group, parent of Nanya Technology Corp., has put together a bail-out plan worth about $1 billion to keep the loss-making DRAM maker from delisting from the Taiwan stock exchange, according to local reports.
Nanya has been struggling for a number of years but the bail-out plan is being taken as evidence that the Formosa Plastics Group (FPG) is determined to stay in the semiconductor business.
Four firms within FPG Formosa Plastics Corp., Formosa Petrochemical Corp., Formosa Chemicals & Fiber Corp. and Nanya Plastics Corp. will provide Nanya Technology with total of NT$29.6 billion (about $990 million). The four companies will each provide NT$7.4 billion (about $247 million), the reports said.
At the same time Formosa Petrochemical has approved the lending of NT$4.8 billion (about $160 million) to Inotera Memories Inc., according to a Taipei Times report. Inotera is a joint venture between Nanya Technology and Micron Technology Inc. (Boise, Idaho).
FPG had annual sales in 2011 of $74.7 billion on which it made a profit before tax of $4.7 billion.
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