Formosa Plastics was established in 1954 in Taiwan by entrepreneurs Wang Yung-ching and Wang Yung-tsai, starting with a modest plant producing four tons of PVC powder daily. Backed by early financial assistance from United States aid loans, the company pioneered Taiwan's domestic petrochemical sector. Over subsequent decades, the enterprise expanded aggressively through vertical integration, establishing upstream refining plants, midstream chemical processors, and downstream manufacturing hubs to evolve into one of the largest petrochemical conglomerates in the world.