Report: Dim financial outlook for planned La. plastics plant

摘要

A new report finds that the planned Formosa Plastics Group facility in St. James Parish, La., would be a bad investment for both Formosa and the community. The report, titled "Formosa's Louisiana Project: Wrong Products, Wrong Time, Wrong Place, Wrong Finances," was released today by the Institute for Energy Economics and Financial Analysis (IEEFA). It found that in addition to community concerns about pollution, the plastics facility would likely earn 20% less than its backers claimed in 2018. "We're seeing trouble in the industry, and the Formosa project is, in our view, it would be a very shortsighted investment," said Suzanne Mattei, an attorney with IEEFA and one of the report's authors. Formosa's Louisiana operation has not yet responded to a request for comment.