TAIPEI, Oct. 16 (Xinhua) -- Wang Yung-ching, founder of Taiwan's Formosa Plastics Group, has died in the United States, the group announced here on Thursday.
Wang died early on Wednesday morning in his sleep during a business tour to the United States, the group said in a statement. He was 91.
The second richest man in Taiwan with a personal fortune of 6.8billion U.S. dollars, set up the Formosa Plastics Corporation in 1954. The conglomerate covers biotechnology, petrochemical processing and electronic components production.
The group has more than 40 companies employing nearly 100,000.
The father of 10 not only made significant contribution to Taiwan's economic prosperity, but attached great importance to the exchanges and cooperation across the Taiwan Strait. He had repeatedly called for the acceleration and expansion of trade and economic cooperation with the Chinese mainland in recent years.
Formosa Group has set up a number of petrochemical and plastic enterprises on the mainland. Wang himself also offered to help build 10,000 primary schools on the mainland. The project is now in progress.
Soon after the 8.0-magnitude earthquake struck the southwestern Sichuan Province on May 12, his group donated 100 million yuan (14.6 million U.S. dollars) to the victims.
Known as the "God of Management" in Taiwan, Wang started his business by selling rice in 1932.