Wang Yung-ching, founder of Taiwan's Formosa Plastics Group, died in sleep on Wednesday at the age of 91, the group announced Thursday.

Wang died on early Wednesday morning in New York during a business tour to the United States from Oct. 11, the group said in a statement.

Wang set up the Formosa Plastics Corporation in 1954, which is now a major conglomerate in Taiwan. Its business covers biotechnology, petrochemical processing and electronic components production.

(Xinhua News Agency October 16, 2008)