Formosa Plastics Group selects Lloyd’s Register to optimize chemical plant inspection

Lloyd’s Register, a professional services company specializing in engineering and technology solutions, is to deploy its asset performance and risk management solution AllAssets across 94 of Formosa Plastic Group’s Taiwanese plants.

Formosa Plastics Group, one of Taiwan's top petrochemical companies and a world leading producer of polyvinyl chloride resins, is working with Lloyd’s Register to achieve operational excellence through Industry 4.0. The partnership is part of a companywide programme of digitalisation that Formosa Plastics Group has introduced to enhance long-term competitiveness while maintaining its commitment to environmental protection, social prosperity and economic development.

Lloyd’s Register will deploy its AllAssets solution to reduce risk, optimise task intervals and increase asset reliability by managing integrity across their industrial assets. The petrochemicals giant will benefit from the solution’s low code approach and Model Designer tool, which will be used to enhance ‘out of the box’ risk models to integrate with Formosa Plastics Group’s unique internal processes. Once deployed, AllAssets will automate tasks to deliver process efficiencies and standardise Formosa Plastics Group’s asset inspection and maintenance integrity programmes.

Mr. Mei, Assistant Vice President at Formosa Plastics Group said: “Our partnership with Lloyd’s Register, and the deployment of AllAssets, is a vital step towards achieving performance excellence for our business through the continuous implementation of Industry 4.0 techniques. We are committed to transforming our business through digitalisation and we were impressed by the balance that AllAssets strikes between usability and customisation. We look forward to working with Lloyd’s Register to optimise the performance and safety of our critical assets.”

Tim Bisley, Managing Director, Digital Products at Lloyd's Register said: “We are delighted to have been selected by Formosa Plastics Group to become their Industry 4.0 solution for their industrial assets. Enabling digitalisation with AllAssets will play a significant role in competitive advantage by automating processes, getting right-time information for better decision making and keeping the work-force safe by focusing efforts where it counts.

“Our vision for AllAssets is to give operators such as Formosa Plastics Group a seamless integration experience and allow them to benefit from our decades of engineering expertise captured as Digital Engineering Content, delivered through easily adaptable models to improve reliability, safety and performance.”

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